ATT10-Ex Letter of Credit.pdf

This document is a template for an Irrevocable Letter of Credit issued to the South Carolina Department of Transportation (SCDOT) as the beneficiary, located at 955 Park Street, Columbia, SC 29201. The template outlines the structure for establishing a letter of credit that allows SCDOT to draw funds in the event of a contract default by the proposer. The letter automatically extends for one-year periods unless the bank provides 60 calendar days prior written notice of non-renewal. Each draft must be accompanied by a beneficiary's signed statement confirming default under the specified contract, along with the original letter of credit for endorsement.

The document allows for partial and multiple drawings, with the amount of credit being reduced accordingly after each draw. The letter can be reduced by amendment if requested by the Proposer and agreed to by SCDOT. The template includes provisions for payment processing within three banking days of receipt and specifies that drafts can be presented in person, by mail, or courier service. The document is labeled as "Attachment 10" and appears to be part of a larger contract package related to NEVI Infrastructure in South Carolina.