Letter of Credit

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Letter of Credit which establishes a credit line in a specific amount. This letter also sets out the term and amount of the letter of credit.

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This Letter of Credit will establish a credit line in a specific amount. This letter sets out the name of the bank customer on whose account the letter is drawn, the exact amount and the beneficiary under the credit letter. It also sets out the event which lead to the letter being written and the term of this credit letter. It is imperative that this type of business letter be clearly set out in writing. A written Letter of Credit will prove invaluable if the customer defaults under an obligation and the beneficiary must draw on the customer's credit line.

This Letter of Credit includes the following:
  • Letter of Credit Information: Line of Credit number, name of bank customer and amount of credit letter;
  • Beneficiary: Sets out the beneficiary under the credit letter, amount of credit letter and amount the holder is authorized to draw on the bank under this letter;
  • Credit Event: Sets out the event under which this letter of credit is written (i.e., failure to fulfill past obligation);
  • Term: Sets out the length of time in which the letter of credit shall continue and if renewals are automatic;
  • Signature: This letter of credit must be signed by authorized signatories of the bank.

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This attorney-prepared packet contains:
  1. General Instructions
  2. Letter of Credit
State Law Compliance: This form complies with the laws of all states
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28629
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.
Letter of Credit


[Date (ie. July 31, 2002)]
Dear Sir or Madam:
Re:   Standby Letter of Credit No. [Letter of Credit Number] for the account of [Name of Bank Customer on whose account the Letter of Credit is drawn] (our "Customer") in the amount of (US)[Amount of Letter of Credit (ie. $100,000.00)]
At the request and for the account of our Customer the (the "Bank") hereby establishes an irrevocable standby letter of credit in favour of [Name of Beneficiary under Letter of Credit] (the "Holder") in the amount of [Amount of Letter of Credit (ie. $100,000.00)] and the Bank hereby authorizes the Holder to draw on the Bank from time to time up to the aggregate amount of [Amount of Letter of Credit (ie. $100,000.00)], which may be drawn on by written demand for payment made upon the Bank by the Holder in the manner specified herein which demand we shall honor without inquiring whether the Holder has a right as between itself and our said Customers to make such demand and without recognizing any claim of our said Customers or objection by them to payment by us to the Holder.
Funds under this credit are available to the Holder on presentation of drafts at sight drawn on the Bank referring to this letter of credit and made payable to the Holder provided that every such draft is accompanied by a certificate executed by an officer of the Holder or its duly appointed attorney stating that:
1.   [Event giving rise to Drawing under Letter of Credit (ie. Our Customer has failed to fulfill its obligations under a guarantee to the Holder dated January 15, 2002)];
2.   The Holder has given our Customer notice of such requirement to pay and have not received payment within 30 days of such notice; and
3.   The Holder is entitled to recover the amount stated in the accompanying draft from our Customer under the [Document giving rise to drawing under Letter of Credit (ie. Guarantee)].
This letter of credit is irrevocable, shall continue for a period of [Length of the term of the Letter of Credit in months] months from the date hereof, and shall expire on [Expiry Date of Letter of Credit]. This letter of credit shall automatically be extended or renewed without amendment for a further period of twelve months on the date of expiry hereof and each successive date of expiry thereafter until the [Final Expiry Date after all automatic renewals], unless the Holder shall be notified in writing by the Bank not less than thirty (30) days prior to any such date of expiry that this letter of credit shall not be further extended or renewed in which event the Holder may draw hereunder the full amount of this letter of credit not previously drawn by presentation of a draft at sight drawn on the Bank referring to this letter of credit and made payable to the Holder and accompanied by our said notice. The amount of this letter of credit shall be reduced by all amounts drawn upon it by you from time to time and may be reduced without being drawn to an amount specified by the Holder by notice in writing to the Bank executed by an officer of the Holder or its duly appointed attorney. This letter of credit shall not be extended or renewed beyond [Final Expiry Date after all automatic renewals], and if it has not previously expired this letter of credit shall expire without notice on [Final Expiry Date after all automatic renewals].
Except so far as is otherwise expressly stated herein this letter of credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision) International Chamber of Commerce, Paris, France, Publication No. 500 and engages the Bank in accordance with the terms thereof.
Yours truly,
Per:         Authorized Signatory
Per:         Authorized Signatory
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