Attachment_L-_Letter_of_Credit.docx
DOCX document 17 KB Posted
- Attached to
- Passenger Flow Management Solution and Services State and local contract opportunity
- Solicitation number
- RFP 26-0285
- Issued by
- Maricopa County, Phoenix City, Arizona
About this file
This is a Letter of Credit attachment related to a passenger flow management system procurement by the City of Phoenix, Arizona for Phoenix Sky Harbor International Airport. The solicitation seeks a turn-key passenger flow management solution and services under a seven-year contract term commencing on or about January 1, 2027. The contract will be awarded by City Council upon signature and recording by the City Clerk's department, as required by the Phoenix City Charter. The agreement will terminate upon the earliest occurrence of reaching the end of the contract term, including any exercised extensions, or termination pursuant to the provisions outlined in the agreement. Technical support for the City's Procurement Portal is available through the support function on the portal or via email at procurement-support@opengov.com, with other solicitation-related inquiries directed to the designated procurement officer.
The Letter of Credit attachment establishes financial security requirements for the procurement process. This document serves as a guarantee mechanism to ensure contractor performance and financial accountability throughout the contract period. The specific terms, conditions, and amount requirements for the letter of credit are detailed within the attachment and represent standard procurement protections for the City of Phoenix to mitigate risk associated with a seven-year service agreement at a major metropolitan airport facility.
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Text version
ATTACHMENT L
LETTER OF CREDIT FORM
[BANK]
IRREVOCABLE STANDBY LETTER OF CREDIT
NO. ______________
| To: | City of Phoenix – Beneficiary |
| Aviation Department | |
| Technology Division | |
| 2485 East Buckeye Road | |
| Phoenix, Arizona 85034-4301 | |
| Attn: Deputy Aviation Director |
| Applicant: | Company Name | |
| Amount: | $ xxx.xx | |
| Expiration Date: | mm/dd/yyyy |
We hereby establish our irrevocable Standby Letter of Credit No. _________ in your favor available against sight drafts drawn on (name of bank) at the office of the undersigned located at (insert address of bank), accompanied by the following documents:
1. A certificate purportedly signed by Aviation Director, or by any other director of the City of Phoenix Aviation Department, stating one or more of the following:
A. The City of Phoenix is drawing against (name of bank) Standby Letter of Credit No. _________ as Company Name has failed to perform its obligations under or failed to comply with its Agreement No. , or any amendments thereto, or any replacement agreement, and the City requires payment under this Standby Letter of Credit of $ ____________.
B. The City of Phoenix is drawing against (name of bank) Standby Letter of Credit No. _________ as Company Name has failed to provide a replacement Standby Letter of Credit prior to sixty (60) days before the expiration date as required by its Agreement No. or any amendments thereto, or any replacement agreement, and the City of Phoenix requires payment under this Standby Letter of Credit of $ ____________.
C. The City of Phoenix is drawing against (name of bank) Standby Letter of Credit No. _________ as City of Phoenix has received notice from (name of bank) that the Standby Letter of Credit No. __________ will not be extended, and the City of Phoenix requires payment under this Standby Letter of Credit of $ ______________.
2. This original Standby letter of credit for endorsement.
All documents may be forwarded to us by mail, overnight courier, hand delivered to our counters, or via telefacsimile (“fax”). Documents to be directed to our counters at: [insert address as to counter location]. Drawing presented to us via fax must be sent to our fax number [insert – bank’s fax number] (each such drawing, a “Fax Drawing”) provided, however, that Beneficiary confirm our receipt of any Fax Drawing by telephone to our telephone No. [insert – bank’s telephone number(s)].
If Beneficiary presents an improper drawing, we shall notify you in writing sent by overnight courier or by fax to (602) 273-4083 that the demand was not effected in accordance with the terms and conditions of this Standby Letter of Credit, stating the reasons therefore and that we are holding any demand at your disposal. Upon being notified that the purported demand was not effected in conformity with this Standby Letter of Credit, you may attempt to correct any such nonconforming demand for payment.
Partial drawing and multiple presentations are permitted under this Standby Letter of Credit.
This Standby Letter of Credit will automatically be renewed for a one (1) year period from the Expiration Date set forth above and upon each anniversary of such Expiration Date, unless at least sixty (60) days prior to such expiration, or prior to any anniversary of such expiration, we notify both Beneficiary and Applicant in writing by registered mail or overnight courier that we elect not to renew this Standby Letter of Credit.
We hereby agree that this Standby Letter of Credit shall be duly honored upon presentation and delivery of the certification specified above.
This Standby Letter of Credit is subject to the "International Standby Practices (ISP98)," International Chamber of Commerce Publication No. 590, and, as to matters not governed by ISP98, shall be governed by and construed in accordance with the laws of Arizona, without regard to principles of conflicts of law.
[Bank]
| By: | |
| Authorized Signature |
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