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WHAT PLACE ON INTERNET TO LEARN WHAT TO DO WHEN I GET A

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WHAT PLACE ON INTERNET...

WHAT PLACE ON INTERNET TO LEARN WHAT TO DO WHEN I GET A LETTER OF CREDIT. IT IS FROM A PENSION FUND AND COMPENSATION FROM EARLIER CONTRACT

Lawyer's Assistant: What state is this in? And when did the issue begin?

NJ MAY 2017

Lawyer's Assistant: Has anything been filed or reported?

NO

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I AM EXPECTING THE LOC SOON AND IT IS IRREVOCABLE

Submitted: 6 months ago.Category: Legal
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7/29/2017
Lawyer: Bill Attorney, Lawyer replied 6 months ago
Bill Attorney
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This is attorney Bill offering assistance.

The letter of credit will specify its terms of use/ limitations and expiry date.

You can present the letter as a guarantee of payment by the issuer of the letter of credit.

The standardized form of a letter of credit is codified in NJ statute:.

Here it is for your reference:

"

5:36-4.3 Irrevocable standby letter of credit (performance) The standardized form for a letter of credit (performance) required by an approving authority pursuant to section 41 of P.L. 1975, c.291 (N.J.S.A. 40:55D-53) shall be as follows: Current through April 16, 2008 N.J.A.C. 5:36-4 Standardized Forms for Performance Guarantees Block(s) ___________________________ Lot(s) __________________________ IRREVOCABLE STANDBY LETTER OF CREDIT (PERFORMANCE) Issued by: Name of Banking Institution: ________________________________________________ Address: ________________________________________________________________ City/State/ZIP: __________________________________________________________ Telephone: _________________________ Fax: _______________________________ Issue date: _______________________________________________________________ Expiration date and time: ___________________________________________________ Letter of Credit Number ____________________________________________________ Beneficiary: Name: __________________________________________________________________ Address: ________________________________________________________________ City/State/ZIP: __________________________________________________________ Telephone: _________________________ Fax: _______________________________ Applicant: Name: __________________________________________________________________ Address: ________________________________________________________________ City/State/ZIP: ___________________________________________________________ Telephone: __________________________ Fax: _______________________________ Amount: ________________________________________Dollars($__________) Not to exceed 120 percent of the cost of the improvements, as certified by the municipal engineer) Current through April 16, 2008 N.J.A.C. 5:36-4 Standardized Forms for Performance Guarantees We hereby issue our irrevocable standby letter of credit in your favor, which is available by your draft at sight bearing our letter of credit number _______ on _______ (name of banking institution). Your draft must be presented at the office indicated above by personal delivery or by registered or certified mail or courier and must be accompanied by (1) the original standby letter of credit and any subsequent original amendments and (2) an original statement purportedly signed by the municipal engineer of _______ (name of the municipality) stating: "The amount of this drawing under Irrevocable Standby Letter of Credit No. _______, issued _______ by _______ (name of banking institution), represents the amount due us as a result of the failure of _______ (name of applicant) to complete, in whole or in part, the required site improvements as detailed in the municipal resolution of approval and in that certain Engineer's Estimate entitled "_______" prepared by _______ and dated _______. I hereby certify that notice of the incompletions upon which this drawing is based was given to the applicant by registered or certified mail or by courier on _______ (date at least 30 days prior to the date of the municipal engineer's statement)." This certification shall be accompanied by a resolution of the municipal governing body endorsing the findings of the engineer and stating that the improvements have not been approved or accepted. This letter of credit shall be deemed to be automatically extended annually for periods of one year unless written notice is given by the banking institution by registered or certified mail or by courier to the applicant and the municipality at least 60 days prior to the thencurrent expiration date. In the event of the failure of the applicant to furnish another letter of credit meeting the requirements of N.J.S.A. 40:55D-53.5 and N.J.A.C. 5:39-1.3, or other acceptable security, at least 30 days prior to the expiration date of this letter of credit, the municipality may, to the extent allowed by law, draw upon this letter of credit to pay the cost of any incompletions. This letter of credit shall expire upon approval or acceptance by resolution of the municipal governing body of all improvements cited in the aforesaid Engineer's Estimate or upon replacement of this letter of credit by other security meeting applicable legal requirements. Upon approval or acceptance of some, but not all, of said improvements, a reduction in the amount of this letter of credit shall be granted in accordance with N.J.S.A. 40:55D-53, provided that the remaining amount shall be sufficient to secure provision of the improvements not yet approved and that the municipality may require that the remaining amount be 30 percent of the original amount. All correspondence to the banking institution concerning this letter of credit shall be addressed to the office indicated above. This letter of credit shall inure to the benefit of the beneficiary municipality only and no other party shall acquire any rights hereunder. Current through April 16, 2008 N.J.A.C. 5:36-4 Standardized Forms for Performance Guarantees This letter of credit is subject to. (Note: Either shall be acceptable.) We hereby agree with you that drawings under and in compliance with the terms of this letter of credit shall be duly honored upon presentation to us. Witness/Attest: _____________________________________________ (Authorized signature and title)

"

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Attorney Bill

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