Laserfiche WebLink
LETTER OF CREDIT <br />HOLD HARMLESS CLAUSE <br />Letter of Credit # 177 Date: December 9, 1996 <br />The account party (FNB customer) needs to be aware that in a Letter <br />of Credit transaction, FNB shall deal only in documents. It is the <br />legal responsibility of the Bank to note whether documents of draw <br />presented under a credit appear "on their face" to be in accordance <br />with the terms and conditions of the Letter of credit. FNB has no <br />responsibility to verify details of shipments made under a Letter <br />of Credit or whether services have actually been performed. we <br />will seek not to become involved in any dispute between the buyer <br />and the seller or the account party and the beneficiary of a Letter <br />of Credit. The Bank assumes no responsibility for the authenticity <br />of documents or statements presented. <br />As a general practice, FNB will issue its Letters of credit subject <br />to the Uniform Customs and Practice for Documentary Credits as <br />published by the International Chamber of Commerce, 1983 Revision, <br />ICC publication No. 400. The UCP constitutes a detailed manual of <br />operations for those dealing with Letters of Credit. Although it <br />defines the responsibilities and liabilities to be law. The Bank <br />hereby acknowledges that in the State of Colorado, the Uniform <br />Commercial Code (particularly Article 5) shall prevail in the event <br />of conflicting provisions. <br />Any change or amendment to the terms of a Letter of Credit must be <br />requested in writing by one of the parties of the Credit and <br />acknowledged and accepted in writing by the other two. FNB shall <br />not assume the acceptance of an amendment if no response is <br />received at all. <br />THORNBURG FAMILY LIMITED PARTNERSHIP <br />XX: <br />Stanley M. Thornburg, General Partner <br />