Irrevocable And Transferable Letter Of Credit Sample printable pdf download

Letters of Credit must be an original and on bank letterhead

Letters of Credit must have this exact wording

IRREVOCABLE AND TRANSFERABLE

LETTER OF CREDIT NO

Beneficiary:

City of Birmingham, Alabama

Department of Planning, Engineering and Permits

710 – 20

Street North

Birmingham, Alabama 35203

We hereby open our clean, irrevocable sight Letter of Credit No.

in your

favor for the account of (Principal name and address) for a sum or sums aggregating U.S. (Dollar

Amount) which are payable to you against your presentation to us of your sight draft drawn on

us, accompanied by:

Your signed statement that: “The applicant, or its assigns, has failed to comply with the

City of Birmingham’s Ordinance No. 99-131, the Soil Erosion and Sediment Control

Ordinance or the plans for earthwork and erosion and sediment control as submitted to

the City of Birmingham for improvements on (Provide Legal Description or Address) as

recorded in Map Book

, Page

in the office of the Judge of Probate of

County, Alabama, for which this Letter of Credit stands as

surety.”

Partial Drawings are permitted under this Credit.

We hereby agree with you that drafts drawn under and in compliance with the terms of this

Letter of Credit will be duly honored on presentation to (Bank Name) on or before

at our counters.

This Letter of Credit is irrevocable for one year from the date of issue; however, it will be

automatically renewed without amendment for successive periods of one (1) year each, unless at

least ninety (90) days prior to the initial expiration date or any successive expiration date, the

issuing bank gives the Beneficiary notice by registered letter, to the address above, that the

issuing bank elects not to have this Letter of Credit renewed for such additional one (1) year

periods.

Except as otherwise expressly stated herein, this Letter of Credit is subject to the Uniform

Customs and Practice for Documentary Credits (1993 Revision), International Chamber of

Commerce Publication No. 500 and engages us in accordance with the terms thereof.

As to matters not covered by UCP, this Letter of Credit shall be subject to and governed by the

laws of the State of Alabama.

Authorized Signature

Irrevocable And Transferable Letter Of Credit Sample