Irrevocable Letter Of Credit printable pdf download

Irrevocable Letter Of Credit

IRREVOCABLE LETTER OF CREDIT:

BANK’S LETTER OF CREDIT #: <INSERT NUMBER>

AMOUNT: $25,000.00

EXPIRATION DATE: <INSERT EXPIRATION DATE AT LEAST 1 YEAR FROM

DATE OF FORMATION>

ISSUING BANK:

ACCOUNT PARTY:

<BANK’S STREET ADDRESS>

<P.O. BOX>

<CITY, STATE, ZIP CODE>

BENEFICIARY:

Operating Engineers Local 825 Employee Benefit Funds

65 Springfield Avenue

Springfield, NJ 07081

Above-named Parties:

Please be advised that <INSERT BANK NAME> has established this Irrevocable Letter

of Credit, <INSERT BANK’S LETTER OF CREDIT NUMBER> in favor of the

Operating Engineers Local 825 Benefit Funds in the amount of $25,000.00 to assure for

the payment of fringe benefits due on behalf of <SIGNATORY EMPLOYER>’s

employees who perform covered employment, as articulated by the collective bargaining

agreement between <EMPLOYER> and the Operating Engineers Local 825, according to

the following terms:

<BANK> hereby binds itself to the Operating Engineers Local 825

according to the within terms in the sum of TWENTY-FIVE

THOUSAND DOLLARS ($25,000), and does so bind its successors,

assigns, heirs, administrators and executors.

The payment of fringe benefits assured by this Letter of Credit are at the

rates set forth in the collective bargaining agreement (“CBA”) entered into

between <EMPLOYER> and the Operating Engineers, Local 825.

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Irrevocable Letter Of Credit