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00735. PERFORMANCE AND PAYMENT GUARANTY FORM
UNCONDITIONAUIRREVOCABLE LETTER OF CREDIT: (Page 1 of 2)
Date of Issue
Issuing Bank's No.
Beneficiary: Applicant:
City of Miami
444 SW 2nd Avenue
Miami, Florida 33130
Amount:
We hereby authorize you to draw on
in United States Funds
Expiry:
(Date)
Bid/Contract Number
(Bank, Issuer name)
at by order
(branch address)
of and for the account of
(contractor, applicant, customer)
up to an aggregate amount, in United States Funds, of available
by your drafts at sight, accompanied by:
1. A signed statement from the City Manager or his authorized designee, that the
drawing is due to default in performance of certain obligations on the part
(contractor, applicant, customer) agreed upon by and
between the City of Miami, Florida and (contractor),
pursuant to the (applicant, customer) Bid/Contract No,
for (name of project) and Section 255.05, Florida
Statutes.
Drafts must be drawn and negotiated not later than
(expiration date)
IIICity of Miami 67 Bid No. 04-05-011
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00735. PERFORMANCE AND PAYMENT GUARANTY FORM
UNCONDITIONAL/IRREVOCABLE LETTER OF CREDIT: (Page 2 of 2)
Drafts must bear the clause: "Drawn under Letter of Credit No.
(Number), of (Bank name) dated
This Letter of Credit shall be renewed for successive periods of one (1) year each
unless we provide the City of Miami with written notice of our intent to terminate the
credit herein extended, which notice must be provided at least thirty (30) days prior to
the expiration date of the original term hereof or any renewed one (1) year terns.
Notification to the CITY that this Letter of Credit will expire prior to performance of the
contractor's obligations will be deemed a default.
This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking
shall not in any way be modified, or amplified by reference to any documents,
instrument, or agreement referred to herein or to which this Letter of Credit is referred or
this Letter of Credit relates, and any such reference shall not be deemed to incorporate
herein by reference any document, instrument, or agreement.
We hereby agree with the drawers, endorsers, and bona fide holders of all drafts drawn
under and in compliance with the terms of this credit that such drafts will be duly
honored upon presentation to the drawee.
Obligations under this Letter of Credit shall be released one (1) year after the Final
Completion of the Project by the
(contractor, applicant, customer)
This Credit is subject to the "Uniform Customs and Practice for Documentary Credits,"
International Chamber of Commerce (1993 revision), Publication No. 500 and to the
provisions of Florida law. If a conflict between the Uniform Customs and Practice for
Documentary Credits and Florida law should arise, Florida law shall prevail. If a conflict
between the law of another state or country and Florida law should arise, Florida law
shall prevail.
Authorized Signature
City of Miami 68 Bid No. 04-05-011