SAMPLE LETTER OF CREDIT
One Financially Secure Drive
Solvent, Florida 34996
CLEAN IRREVOCABLE LETTER OF CREDIT
Martin County Board of County Commissioners
2401 S.E. Monterey Road
Stuart, Florida 34996
Re: Our Clean Irrevocable Credit No. __________. Securing Contract/Commitment for (name of project)
By order of name of developer , hereinafter referred to as "Developer," we hereby open our Clean
Irrevocable Letter of Credit No. ____________ in your favor for the amount of $____________________,
effective as of _________________.
We are informed that Developer has entered into a written agreement with Martin County to (choose either)
construct improvements or secure plant materials.
We further are informed that the aforementioned agreement was entered into as a condition precedent to the
approval by Martin County and that an estimated cost for the required improvements has been approved in the
amount of $_________________.
Funds under this letter of credit are available to you hereunder not exceeding the aggregate amount of this
credit against your sight draft upon mentioning our Letter of Credit No. ________, accompanied by a statement
signed by the County Engineer, or designee, to the effect that: (a) Developer has defaulted under the terms of
the aforementioned agreement between Developer and Martin County; and (b) it is the County's right and/or
obligation to complete the work called for under the terms of the aforementioned agreement; and (c) the
County's claim includes, but is not limited to, engineering, legal and contingent costs and expenses, together
with any damages, either direct or consequential which the County may sustain on account of failure of
Developer to carry out and execute all the provisions of the agreement; and (d) the County will promptly refund
to us any portion of such funds drawn and not expended in completion of work called for.
If we receive your sight draft and statement as mentioned above here at address of bank on or prior to
the expiration date we will promptly honor the same.
Kindly address all correspondence regarding the Letter of Credit to the attention of the Letter of Credit
Department mentioning specifically our Letter of Credit No. ____________.
This Letter of Credit expires on __________________, 20_____.
Print Name of Financial Institution
ü Name Printed:
Name Printed: Title:
STATE OF ]
COUNTY OF ]
The foregoing Letter of Credit is acknowledged before me this _____ day of ______________, 20___, by
__________________________________________, and ______________________ known to be the
president and secretary of __________________ a _______________ corporation, on behalf of the corporation.
He or she ( ) is personally known to me or ( ) has produced ________________________ as identification.
DATED this _____ day of ________________, 20___.
My Commission Expires: