Office of Procurement

Bond

University of Wisconsin - Office of Procurement
780 Regent Street, Rm. 145
Madison, Wisconsin 53715
(608) 263-4584 Fax: (608) 262-8589

IRREVOCABLE COMMERCIAL STRAIGHT LETTER OF CREDIT


Date: ______________________
Credit No. _________________
Contract Number: ___________
Beneficiary: ________________

BOARD OF REGENTS OF THE UNIVERSITY OF WISCONSIN SYSTEM


We hereby authorize you to draw on: (Name of Issuing Bank, City & State, Telephone No. , Fax No.)
________________________________________________________________________
________________________________________________________________________
For account of: (Name and Address of Contractor) ______________________________
________________________________________________________________________

Up to the aggregate amount of: _________________________________________or the amount of the claim, whichever is less.

Available by your drafts at site: _____________________________________________

ACCOMPANIED BY Beneficiary's signed certificate stating that __________________ ________________(name of contract company), the contractor, has failed to perform promptly and faithfully its obligation under the contract for providing ________________________ service with University of Wisconsin System - ____________________________________(campus) dated _______________. Partial drafts are permitted.

We hereby agree with drawers, endorsers and Bonafide holders of drafts drawn under and in compliance with the terms of this credit that the same will be duly honored if presented at this office on or before the final expiration date of the contract plus ninety (90) days together with this Letter of Credit. Any accounts due and payable prior to the contract expiration date can be drawn from the Letter of Credit for ninety (90) days after the contract expiration date. It is a condition of this Letter of Credit that it be automatically extended annually from the present or any future expiration date hereof, unless 60 days prior to any such date we shall notify in writing the University of Wisconsin System and contractor by registered mail that we elect not to so renew this Letter of Credit.

All drafts must be marked - drawn under: (Name of Issuing Bank)

________________________________________________________________________

This Letter of Credit is subject to the uniform Customers and Practice for Documentary Credits, International Chamber of Commerce, Publication No. 400 effective October 1, 1984.


___________________________________
Authorized Signature
___________________________________
Title
__________________________________
Phone
__________________________________
Date
__________________________________
FAX NUMBER

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This document was last revised on January 19, 2001