THE OFFICIAL LETTER OF CREDIT MUST BE ON BANK LETTER HEAD MD. DEPT. OF TRANSPORTATION DATE. __________ STATE HIGHWAY ADMINISTRATION Local Office Address RE: Irrevocable Letter of Credit NO. __________ (Description and Location where work is to be accomplished)Gentlemen:
We hereby authorize you to draw on (NAME AND ADDRESS OF BANK), for the account of (NAME OF PERMITTEE), in a sum not to exceed (DOLLAR AMOUNT), by your sight draft(s) without any documents required.
The draft shall cover the cost of construction and/or completion of construction of all the terms and work stipulated in the SHA permit.
The drafts must be drawn and negotiated on/or before (DATE).
It is a condition of this Letter of Credit that it shall he deemed automatically extended without amendment for one (1) year from the present or any future expiration date unless thirty (30) days prior to such expiration date you are notified by registered letter, that we elect not to consider this Letter of Credit renewed for any such additional period.
Each Draft drawn under the Letter of Credit must state "Drawn under (BANK NAME AND ADDRESS), (LETTER OF CREDIT NUMBER), dated (DATE), from the account of (PERMITTEE). We hereby agree with bona fide holders of drafts drawn under and in compliance with the terms of this Letter of Credit that such drafts will be duly honored upon presentation.
(NAME OF BANK)
(NAME OF WITNESS)