ATT10-Ex Letter of Credit.pdf

This document is a template for an Irrevocable Letter of Credit form to be used with the South Carolina Department of Transportation (SCDOT). The template outlines the structure and requirements for establishing a letter of credit between a bank, a proposer, and SCDOT as the beneficiary, with SCDOT's address listed as 955 Park Street, Columbia, SC 29201. The letter automatically extends for one-year periods unless written notice is provided at least 60 calendar days prior to expiration, and drafts must be honored within three banking days of receipt.

The letter of credit can be drawn upon in the event of a contract default that remains uncured within the remedy period. Partial and multiple drawings are permitted, with the amount being correspondingly reduced after each draw. The letter can be reduced by amendment if requested by the Proposer and agreed to by SCDOT. The document requires specific language for drafts drawn under the letter of credit and must be accompanied by a signed statement from an authorized SCDOT representative confirming the default event.