(BANK LETTERHEAD)

IRREVOCABLE STANDBY LETTER OF CREDIT

Date:

Beneficiary: Applicant:

City of Spokane Valley Name:

11707 E. Sprague, Suite 106 Address:

Spokane Valley, WA 99206 Phone:

Attn:

Project # & Name:

Letter of Credit Number:

Expiry Date:

Our Counters Presently Located At:

Amount:

Not exceeding USDollars______. (written dollar amount)

Itemized as follows:

Roadway Improvement & Inspection: (Amount – numeric and written)

This Page 1 forms an integral part of credit number ______


We hereby issue this irrevocable standby letter of credit for (project name and number) available by your draft(s) drawn on us and accompanied by the following documents:

  1. A signed statement from the Spokane Valley Engineer’s Office reading exactly as follows: “I, the undersigned duly authorized representative of the Spokane Valley Engineer’s Office, hereby certify that the draft drawn under this letter of credit represents the amount of money required to complete the installation of roadway improvements including grading, gravel, paving, curbs, sidewalks, storm drainage, drainage swales, monuments, street signs, inspection, construction engineering and/or other work as is incidental and related thereto in accordance with the drawings and specifications as submitted to and approved by the Spokane Valley Engineer’s Office on (date of approved plans).
  2. The original of this letter of credit.

This Page 2 forms an integral part of credit number ______

SPECIAL CONDITIONS

  1. Any and all banking charges other than those of the issuing bank are for the account of the beneficiary.
  2. It is a condition of this letter of credit that it shall be automatically extended, without amendment, for an additional period of one year from the present expiration date or each future expiration date, unless we have notified you in writing not less than thirty (30) days before such expiration date, that we elect not to renew this letter of credit. All written notification shall be sent via registered mail.

Drafts drawn under this credit must bear the clause: “Drawn under (bank’s name and letter of credit number).”

This credit is subject to the “Uniform Customs and Practice for Documentary Credits (1993)”, International Chamber of Commerce Publication No. 400.

We hereby engage with you that draft(s) drawn and/or documents presented and negotiated under and in compliance with the terms of this irrevocable standby letter of credit will be duly honored upon presentation to us.

The amount of each drawing must be endorsed on the reverse of this credit by the negotiating bank.

A charge of USD25.00 will be deducted from the proceeds of any drawing presented with discrepancies.

NAME OF ISSUING BANK

______

Signature, and signatory’s authority

This Page 3 forms an integral part of credit number ______