Exhibit_D_Sample_LC.pdf
PDF 339 KB Posted
- Solicitation number
- SP0605-27-R-1000
- Issued by
-
Defense Logistics Agency Energy
About this file
This document is a sample template for an Irrevocable Standby Letter of Credit required for federal fuel supply contracts administered by the Defense Logistics Agency Energy.
The letter of credit serves as a financial security instrument for Contract SP0605-27-R-1000, establishing a direct delivery fuels agreement with the Ground Fuels Division I, Contracting Officer located at Fort Belvoir, Virginia. The contractor must provide an irrevocable standby letter of credit issued by an authorized bank, with a specified effective date and credit amount to be filled in by the contractor. The Government may draw against this letter of credit through sight drafts presented at the issuing bank on or before the stated expiration date. Draws are permitted under two conditions: (a) when the Government has delivered product and the contractor has failed to pay the contract amount owed, or (b) when the contractor has failed to take delivery of ordered product and owes the Government specified funds. The letter of credit is subject to the Uniform Customs and Practice of Documentary Credits (ICC Publication No. 600, July 2007 revision) and the Uniform Commercial Code of the state where the issuing bank's U.S. head office is located. The issuing bank must honor all compliant drafts presented before the expiration date and guarantee payment upon proper documentation and presentation by an authorized Government representative.
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Text version
SAMPLE – IRREVOCABLE STANDBY LETTER OF CREDIT
SP0605-27-R-1000 EXHIBIT D
(NOTE: FORM MY VARY, SUBSTANCE MAY NOT)
BANK LETTERHEAD
IRREVOCABLE STANDBY LETTER OF CREDIT
TO: ATTN: GROUND FUELS DIVISION I, DIRECT DELIVERY FUELS, CONTRACTING OFFICER
Defense Logistics Agency Energy-PEC
8725 JOHN J. KINGMAN RD STE 4950
FORT BELVOIR VA 22060-6220
EFFECTIVE DATE: _____________________________________
AMOUNT OF LETTER OF CREDIT: $_______________________
CONTRACTOR: ________________________________________
CONTRACT NUMBER: SP0605-_________________
LETTER OF CREDIT NUMBER: _________________
To Whom It May Concern:
We hereby establish our “Irrevocable Standby Letter of Credit” in your favor, available by your draft/s at sight, drawn on (Name of Bank issuing this Standby letter of Credit) accompanied by a manually signed statement that the signer is “an authorized representative of the Defense Energy Support Center”, and one or both of the following statements:
a. “I hereby certify that the United States Government has delivered product under the terms of Contract Number SP0605-______________ and that (Contractor) has not paid under the terms of that contract, and as a result owes the Government $_______________.”
b. “I hereby certify that (Contractor) has failed to take delivery of product under the terms of Contract Number SP0600-__________, and as a result owes the Government $__________.”
Drafts must be presented for negotiations on or before the expiration date of this Letter of Credit, (Expiration Date), at our bank.
The Government may make multiple drafts against this Letter of Credit.
This Letter of Credit is subject to the Uniform Customs and Practice of Documentary Credits (July 2007 revision, International Chamber of Commerce Publication No.600) and except as may be inconsistent therewith, to the Uniform Commercial Code in effect on the date of issuance of this Letter of Credit in the state in which the issuer’s head office within the United States is located.
We hereby agree with the drawers, endorsers and bona fide holders that all drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon presentation and delivery of the above documents for negotiation at our bank on or before the expiration date.
Very truly yours, (Authorized Signature)
(Typed Name and Title)
BANK LETTERHEAD
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