Letter of Credit - Authorization and Indemnity

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This Letter of Credit - Authorization and Indemnity authorizes a bank to issue a letter of credit in exchange for indemnification by the beneficiary of that letter. This letter can easily be tailored to meet your unique needs.

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This Letter of Credit - Authorization and Indemnity authorizes a bank to issue a letter of credit for a company. In exchange, the company indemnifies the bank for any payments which the company does not make under this letter of credit. This letter contains the name of the bank, name of the credit beneficiary and the identity of any security held by the bank in exchange for the letter of credit. It is important that this business transaction be clearly set out in writing. A written Letter of Credit with Authorization and Indemnity will prove valuable in the event the beneficiary defaults in their credit obligations or if litigations is filed.

This Letter of Credit - Authorization and Indemnity includes the following:
  • Parties: Names of bank issuing the letter and beneficiary under the letter of credit;
  • Indemnity: Beneficiary indemnifies the bank for the payment of any obligations under this letter of credit;
  • Authorization: Beneficiary authorizes bank to debit its account in an agreed upon amount if account is outstanding;
  • Signature: This authorization and indemnification must be signed and dated by the beneficiary.

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This attorney-prepared packet contains:
  1. General Instructions
  2. Letter of Credit - Authorization and Indemnity
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Authorization and Indemnity
Re Letter of Credit

 

 

TO:   [Name of Bank Issuing Letter of Credit] (the :"Bank")
The undersigned hereby authorizes the Bank to issue the annexed letter of credit (herein called the "Credit") and, in consideration of the Bank's so doing and of the acceptance by the Bank of drafts at sight drawn on the Bank from time to time pursuant thereto, the undersigned hereby undertakes and agrees to and with the Bank as follows:
1.   To indemnify the Bank and save it, its successors and assigns, harmless to the extent of any and all payments made by the Bank under the Credit to or for the account of [Name of Beneficiary under Letter of Credit] (the "Beneficiary").
2.   To indemnify the Bank and save it, its successors and assigns, harmless from and against any and all losses, costs, damages, charges and expenses which the Bank may suffer, sustain or incur in any manner whatsoever by reason of its having issued the Credit.
3.   All security now or hereafter held by the Bank for the fulfillment or payment of any obligation or liability heretofore or hereafter incurred by the undersigned to the Bank shall be held by the Bank as security for the payment of all obligations of the undersigned to the Bank hereunder and the undersigned shall from time to time, whenever requested by the Bank, furnish additional security satisfactory to the Bank in nature, form and amount for the obligations of the undersigned hereunder.
4.   Any and all demands made upon the Bank for payment under the Credit by the Beneficiary by draft at sight delivered together with a certificate signed by a proper officer of the Beneficiary pursuant to the Credit will be the Bank's sufficient authority to pay thereunder and subject to the receipt by the Bank of such certificate the Bank shall not be required to enquire into or determine the validity or sufficiency of any such demand.
The undersigned hereby authorizes the Bank to debit the account of the undersigned with the Bank with the amount of any and all payments under the Credit together with its fee of [Bank's Fee (ie. 1.0%)] of the total amount of the Credit for each year or part thereof that the Credit is outstanding.
Dated this _____ day of ____________________, 20_____.
 
 
[NAME OF CORPORATION ON WHOSE ACCOUNT LETTER OF CREDIT IS DRAWN]
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
Number of Pages3
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28614
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