The Digital Construction Marketplace
Letter of Credit Construction
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Letters of credit are often used in the construction industry to ensure that work get’s completed. A real estate developer may issue a letter of credit to a town that guarantees that work will be completed, and if not the town is entitled to money from the corporation.
This is a standard practice. A letter of credit can be confusing and if issued incorrectly may not be legally binding.
Use this letter of credit to ensure that you are providing the proper guarantee to people that need it.