MT760 Text verbiage of Letter of Credit

Text verbiage of Letter of Credit MT760

STAND BY LETTER OF CREDIT

Text verbiage of Letter of Credit MT760

TO:

ACCOUNT NAME:               

BANK:                               

ADDRESS:                          

SWIFT                               

ABA ROUTING:                 

ACCOUNT NUMBER:          

PHONE:                              

FACSIMILE:                        

ATTN TO BANK OFFICER:    

SB LETTER OF CREDIT NUMBER:

AMOUNT: 000,000,000.00 (………………… MILLION ONLY)

CURRENCY: USD

DATE OF ISSUE:              2014

DATE OF EXPIRATION:        2014

WE, (bank name & address) HEREBY OPEN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER……………………..TO THE ACCOUNT OF ---------------------------------------, IN THE AGGREGATE AMOUNT OF 000,000,000.00 (---------------------------- MILLION ONLY). THIS SBLC CREDIT IS REDEEMABLE AND PAYABLE UPON PRESENTATION ON DUE DATE AT OUR COUNTERS AGAINST YOUR DRAFT DRAWN AT SIGHT ON US ACCOMPANIED BY YOUR SIGNED, NOTARIZED, AND DATED CERTIFICATE THAT THE AMOUNT CLAIMED HAS BECOME DUE AND REMAINS UNPAID UNDER THE TERMS OF THE CONTRACT REFERENCE NO. ……………….. .

THE DRAFT DRAWN UNDER THIS SBLC CREDIT MUST BE MARKED ON THE FACE ‘DRAWN UNDER (bank name), SB LETTER OF CREDIT NUMBER …………………………………….. AND IS NON OPERATIVE AND SHALL BECOME OPERATIVE WITH 2% PERFORMANCE BOND.

ALL BANK CHARGES OTHER THAN THAT OF THE ISSUING BANK ARE FOR THE ACCOUNT OF THE BENEFICIARY.

THIS SBLC IS ASSIGNABLE AND TRANSFERABLE

WE HEREBY ENGAGE WITH YOU THAT THE DRAFT DRAWN HEREUNDER WILL BE DULY HONOURED BY US IF DRAWN IN ACCORDANCE WITH THE TERMS AND CONDITIONS STATED IN THIS LETTER OF CREDIT.

SUCH PAYMENT SHALL BE MADE WITHOUT SET OFF AND CLEAR OF ANY DEDUCTIONS OR CHARGES, FEES, OR WITHHOLDING OF ANY NATURE, NOW OR HEREINAFTER IMPOSED, LEVIED, COLLECTED, WITHHELD OR ASSESSED BY THE GOVERNMENT OR ANY POLITICAL SUBDIVISION OR AUTHORITY THEREIN OR THEREOF.

THIS SB LETTER OF CREDIT IS VALID FOR NINETY (90) BANKING DAYS FROM THE DATE OF ISSUE.

THIS SB LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS ICC PUBLICATION NO. 600 LATEST EDITION AND ISP 98.

THIS SWIFT IS NON OPERATIVE INSTRUMENT, NO HARD COPY SHALL FOLLOW.

BANK OFFICER                                                  BANK OFFICER

CODE                                                                CODE