Name of the Procuring Entity

Project Reference Number

Name of the Project
Location of the Project

Standard Form Number: SF-GOOD-52

Revised on: May 24, 2004

Performance Security: Irrevocable Letter of Credit

Date: ______________

Name of the Head of the Procuring Entity

Position of the Head of the Procuring Entity
Name of the Procuring Entity
Address of the Procuring Entity
Facsimile Number of the Procuring Entity
Irrevocable Letter of Credit No. ______________
For Contract No. __________________________
WHEREAS, ____________________, hereinafter called Contractor has undertaken in
pursuance to __(name of Project and contract number)__, and whereas it has been stipulated by you
in the said Contract that the Contractor shall furnish an irrevocable standby Letter of Credit for a sum
specified therein as security for the faithful compliance of Contractors obligations in accordance with
the Contract.
WHEREAS, we have agreed to guarantee this obligation by Contractor.
THEREFORE, we hereby affirm that we are guarantors and responsible to you, on behalf of
Contractor, up to the total amount of ________________________________ and we undertake to
pay you, upon first written demand declaring the Contractor to be in default under the Contract and
without cavil, or argument, any sum or sums within the limits of ___(amount of guarantee)__ as
aforesaid, without you needing to prove or to show grounds or reasons for your demand for the sum
specified therein.
This irrevocable guarantee is valid until the issuance by you of Notice of Final Acceptance.
This certification is being issued in favor of the said Contractor in connection with the
requirements of bidding of __(name of the procuring entity)__ for the above-mentioned contract. We
are aware that any false statements issued by us makes us liable for perjury.
Name and Signature of Authorized
Financing Institution Officer
Official Designation

: _______________________
: _______________________

Concurred By:
Name & Signature of Contractors
Authorized Representative
Official Designation

: _______________________
: _______________________

Note:
The amount committed should be machine validated.
An irrevocable letter of credit issued by a reputable commercial bank or in the case of an irrevocable letter of credit
issued by a foreign bank, the same shall be confirmed or authenticated by a reputable local bank, is an acceptable
form of a performance security that the winning bidder shall have to post as a requirement for the contract. An
irrevocable letter of credit shall be in the amount of 5% of contract price.

Name of the Procuring Entity

Project Reference Number

Name of the Project
Location of the Project

ACKNOWLEDGMENT
SUBSCRIBED AND SWORN to before me this _____ day of _____________, 20___, affiant
exhibited to me his/her Community Tax Certificate No. ______________ issued on
_________________ at _____________________, Philippines.

Notary Public
Until 31 December 20____
PTR No._______________
Issued at:_______________
Issued on:_______________
TIN No. ________________
Doc. No. _______
Page No. _______
Book No. _______
Series of _______.

An irrevocable letter of credit issued by a reputable commercial bank or in the case of an irrevocable letter of credit
issued by a foreign bank, the same shall be confirmed or authenticated by a reputable local bank, is an acceptable
form of a performance security that the winning bidder shall have to post as a requirement for the contract. An
irrevocable letter of credit shall be in the amount of 5% of contract price.