Required Form of Letter of Credit for Public Way Work License
IRREVOCABLE STANDBY LETTER OF CREDIT
(Date)
BENEFICIARY APPLICANT
City of Chicago [name of licensee]
c/o Department of Transportation
121 North La Salle Street
Room 905
Chicago, Illinois 60602
Gentlemen:
We hereby issue Irrevocable Standby Letter of Credit No.
(“Credit”) in
favor of the City of Chicago for the account of ___________________ [name
of licensee] up to the aggregate amount of Dollars ($ ), effective immediately. This
Credit is issued, presentable and payable at our offices at __________________ ,
Attention , and expires at 2 P.M. Chicago time on December 31, __ [year
must be 3 years from license year].
Funds under this Credit are available to you unconditionally against your notarized
sight drafts for any sum or sums not exceeding a total of Dollars ($
) drawn on us
mentioning the Credit by number and signed by the Commissioner of Transportation of the
City of Chicago or the City Comptroller of the City of Chicago (whether acting or actual).
Funds drawn under this Credit shall be paid in the form of a wire transfer per instruction of
the City Comptroller, or, if the City of Chicago so specifies, in the form of a check made
payable to "City of Chicago" and sent by overnight delivery to the City of Chicago at the
address listed above.
Partial and multiple drawings are permitted.
This Credit sets forth in full the terms of our undertaking and may be amended only
by a written amendment signed by us and by the beneficiary.
Our obligations hereunder are primary obligations to the City of Chicago. We hereby
engage with you we will honor drafts drawn and presented under and in compliance with the
terms of this Credit.
This Credit is subject to the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce Publication No. 500, 1993 revision (“UCP”) and to the
Uniform Commercial Code - Letters of Credit, 810 ILCS 5/5-101 et seq., as amended, as in
effect in the State of Illinois (“UCC”). To the extent the provisions of the UCP and the UCC
conflict, the provisions of the UCC shall control.
Name of Issuing Institution
By:
(signature)
Name:
Title:
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