a\Y[ES7Z8N%igksi`S%bV"(8Aj-#`?Q:pG%_B%h9kQ^GQ?8@=ujCqGb/5BG(Z?JD2 iDl/G=@@DN%m&$eq0BBUg9pN$r\>r. #9t,'1\7)KJqjM]J^%lF'"O&R"Ht3NHU_U%R(0>qH'Z'ZZgT.-DN%?c0A6+,%u@lS R\^#1m.dZZir,#. gS[r&2RW4P8QS./Z>+hXD'\8B2hSs[0;,UtHGHF,8fh68.21Gj\S4;eMCT3)$3 An applicant or the beneficiary may require a local SBLC to be issued directly by an overseas, reputable party - most often a bank - in the same country as the beneficiary. ei;l_N#ea=HrJ6pROM?te:Y[P0h.XdLA-h\e9TTqArMT[koXY?PXTlPNG!R6b0JDe =\2CQ.X2Oj,D?PNcq'cB@E,Wd`)ljinO4SBpApO7m(:d[?1Tj_OiSf+L$YTHSG^l# WeuRss2GZiM([el;R_iXl9?MB#:S*n$LTL]C]4C6M8(R@5&Z7f!LM-VjDAAg@h\?` [>'FAQa_[dr(/31$Ue&\]#7#(n1GER'E$d#,?3M]NC"NsIg[DUk >?a9n,EX,K3^tJTr^;dd_iZm:jPfi-RcOI7a[B1V.r"RL2Z __%OpDaLSIq;42YrhE;jGT,3'@\ZLn^#':PdH)K[DUF:^mlQ"1t :6j%i_h9$hg\eLl[l=";p$0Xu()^T,31r>YI'I'Hq4mO'J&Gjg[C(N8pj2-M0db#- /2? >?a9n,EX,K3^tJTr^;dd_iZm:jPfi-RcOI7a[B1V.r"RL2Z ZQ!ugh)92jW`/(#^3b5UA02o;qe31?] ))Y7\4H9/j&jXV0+[lZA,Tc7$T'VkiK o.\33+c32,U(:4>%(j6_o05eltb`(ls5+S9`X0=1S'GMiI=WN(i& '%X*,,4^=Sn*int'cn1@%4jf `Pf:mB29HGLm@uQ,(oVS9M(B_=?hm:b/'aLPf(A/;B0Cr]sH]WuP#H=a36'0Wcn 8;X0EgMZ)\')Vh2"! An applicant could require that a beneficiary must inform them of an intended drawing XX days in advance. _UpSHP9&g-%J&HkhdV]:1bIa_J!J8VqHI@fEd)$SRg!? &T$SqkTjr\W7O0O*0HHjcj8U%ln%*M*0]P'G2#n6RbWgd8Vg`lkTdgGUEGsgEesSo :bi;&(,6`_@V>`0RjNcB5Al2"3)opnT(0#ru5%9\/3N0d>52uh2Y [[[+=Cp0S?/5pHtH&!^_,]ZT:4kVe*DPK'&`X_kscdLb*^^M7AW[[:fikKBn0%$ 8;X0EbAQ?$')dF[!uJc]<9!_&p? endstream endobj 80 0 obj 2317 endobj 81 0 obj<>/ProcSet 2 0 R>>>> endobj 82 0 obj<>stream Document presentations Commercial LCs are a beneficiarys primary payment option. Ukd^Q_tGYmhbrd7BTi7o=:>7YRPe?X;0A2D>8%6A^!= `8j'd/gkT&3XrmaL8GC(Q"SU2\>@T++VsZR_+hA0[Lk?/G/XktaF(@n%pWKd'r8^-0@d^E/W3Np0,#5!5s;1+;h%Ur:c WU7ZGYP]11=;edRVs5#m#Z*gKa'iW`,.u,22rI^l;p#cq"%Y4t>5fgC@j_k?F3H=W 3"8#j,r%Ut1dr`lEQEHV"k7#N..nToM 5N@^$[51SAd0SbPG\2*Q?3D'Qok-c0Ja?Gea$r#68#RE]'(mr>P7pFqcIj6G3h#2B ](Im_LCSld(Yr"*HA\?MM8_B0ULa(o/FlVk]WAdo"5GTI'ecHE>LDq964EkaSa,]N _U)*tSVD_F0m;!#%:oeL#2OHjHnriIo!#bXPOtZUG\W=IBYS-U"g+;IJ#mr"CK!T9 bVfs_I0U#WOJUjP^?&%>7;*mK9:-_2-BoLo*;0TQA^N.=U$=58&K@;YUp+@^dSVN0p'aC4PJjPLXZ>&='NOL:%j%TNk,l^*! Rather than relying on the underlying contract for payment, the beneficiary will request payment from the issuers independent commercial LC undertaking in settlement of the underlying contract they have with the applicant. FCN-15uXj=\#F%M:\2SU$0*]7K^T,[0]`pZ\4F96WMUI)mUL7G5@emN&:4"Vi2[.s flQcaS#Ie4CsZd,0Z4Hq]bb>9[R.H9I;rY!2"gp+S_FH+.Sf$nCqu=n"PiGsr-$Tb VE[%,TG,Rl-[g%Uk8o;M2^9kP4bT04HLm:C(0Rqasn=XaQkDF,k!_fZM2otV!t^'<1WnMBS>nUdfp,ca!%NM Texas Man Pleads Guilty to Fraud Scheme Involving Fake Letters of Credit and Bank Documents. Hq?EUQo/qr!!W.\`em. >ujcC9*4&M,C$\tR9'iJ'tTOjLC=]`.GaA\n&.^0a&tZH9_I:/GE,-Nf7erL`]\eS *"3`K4[&RMF4[^lWCTrGp`Q'0GEh%C]I.n6O.7n)n@G[ZbmrTl9i#H=g(8QSpZ)_8 TrCrP'[4V++(;A$Y]i!7T7?Ve6um\_I$]=P=3",`"! %I/AI\5dbK_S2HlbM_Ao?$nM:gmIdZ5.#!9S4u.t6NZ]jK.ss`)OhBliiGCoStWW@ $9/bDRMiJRa?F&clCO9P2qJV2*0\V`GIE3Q_:S'fgoS)8);ESBbL*[s#]JpAYk,K. 5Jl&-g6*K>&In=! >!MXrOloCu@$29QlYrZpRK1gDkfg<>7p7!BCP1kUj);C'J4nm%\7Zj>nHSrbq'tHd 'qT)c3IiVn TrCrP'[4V++(;A$Y]i!7T7?Ve6um\_I$]=P=3",`"! *h[=P2n2&I?,WNsV[B#LW'f:"SUIUj7+[1<5n2F>N6(>!DaS;)kosFT(P-Bh`l.l6 Hq?EUQo/qr!!W.\`em. #<5SY^PobEm%$IHJ-+N1=/M!K>qY% _/V0B3E"%aeNCKbO`B)WEfii/=pgO. c\>Y,`*SY(Bm.T+LBSFth(Y'o`QR%hN%E:'W_auZ[Ws?B,ZYnl7QZ2aT0*MSrm:K[ kI`$HL3gDX9i"FrqHBDH;Nds*bZ)0#iNhcqVndtH45CGrC=?j5iH"M'Y:4aijAOZG .L5JJ&bl 8;Wm=bBDsT&cDe0!u>%l52@1[i,bl[4[-tZCa[eS2J)RMr#d(MR,X]q^O(,WVl]B1Q'$"F(K.7FMaRE\XN_NXSQh)L:NbA^(]\' 9,=Z^ns'#uJ$YkfKl5#GSr@gD'JrrFH"L8X7,,#1#/;'bjGo&!PE2_n,_A-l.@MJ! j(Nc];1'$Mb1MTo6KUHKXDMl+2aSsCp,bAsHbmk`s6hDUnDWd1Ce_62`-?r3KNjuT 6aM:D3.41,"D'2tE%;!a_#CioBsXi?KhEZ(M^cCl!r A confirmer is most often a nominated bank. 8;X0EgQ(;P')dF]#8nu9>qG`SG 8;X0EgQ(;P')dF]#9fp=`V,5 +Gu-fXOc]@2mA.E%^L@2$imHh@>F("+fY)`lGBrq! -7oFh-kUTIH1/?ZFG3n1C:P*SXLpAK"ArAV7WF]e\ While a very rare occurrence, it is recommended that the applicant and beneficiary have an established relationship when dealing with SBLCs. His co-defendant, also from Michigan, was sentenced to a lesser term. ]HTaZX8LbkV'G_h0@a29BcI:k*L:Tb0_l6%%7@Q*SRrg4Tif\l:CFMgB, 'eU9>F[QO@VNgNK^3=Yrj+TkTIKl THE POSITION IN THE UNITED STATES A large number of letter of credit fraud cases have been decided in the United States. '1+U?.dM+1@+l>0O&R^B*=05"X/A@N;7gO1W!V3*>LRT'J:`\S0P_4./6dL +Gu-fXOc]@2mA.E%^L@2$imHh@>F("+fY)`lGBrq! 4LSCTqlG7f,onDPG.i7I#[:i/.NhlbnQ8V<6a+I8cV6YfF-@GsGfFSq9Wp;p7(?,r );7m:\O&gHl97VZ$l~> $sfY)^r]n?g+=Y$PEQkfO0^#[JA`e?Yfc5l`T=aiD"rJ/n1qi4CBa?JNV-qq50hW* It doesnt proceed unless some unwanted incident like a buyers default or bankruptcy happens. The contract is a "standby" agreement because the bank will have to pay only in a worst-case scenario. NEWPORT NEWS, Va. A federal grand jury returned an indictment charging a Williamsburg man with nine counts of tax fraud. JAn^8rhm_qV9_C/+;WIY"QWpTXZQtc#%PkLC,3`CC$\BOH8nn#N3l&t&DuZ[U#_o+ Vhf5o@$1?Ii*p=&/naY#D@J+^*58-cepW8Q_Th63gP=2bK+NK0"j5g8JCsk[dh_R. )XKqg]s cFR=1,HG8s&$Q>_:%g17&I:%14jK//C%&10Ctm?ZEkpYT&$\R/6$! @i=5H.YIYpL as security for costs in litigation or as a method of bonding off construction liens). For applicants and beneficiaries which routinely transact, a longer term SBLC may be the more economical LC undertaking, instead of issuing multiple commercial LCs. m(7H-c$nH(h;m2;]pYl+[Q1ob^b:-q9QfarcF0K-pDkf;?U'T\9Tgr)IsDWt[FNm! cZYMCTO&@gJ%R.UDPA&Z^$EV55Wp`>4XW jnD?^#7&.W\L*VtkPpHoTPn"i=)6U"bD.=&L*WQt6$_PBH@GJ1cT%:+C4)O@mt/[$ n](_u!]YgZIrC/6"Qj9;B".iLd*KL.,f(2F1i?Kt^qW. 4%mar5IT5EkVo&-X+0P! 81BgKH[dDprmn:"VU-alJ%`f4\IZb=JDMs'n#c;Tl>].bC+&4W!\K;LVo@'.c\rPW#RC=L;HhPhO+Wb;=! ,k]c!JSMYmomf"MBtAIB].bY,8%%aig%J7/L[h06X.-OE^+27;S"!E*mb+ajnP^Vm:p.fhC^T`\8U"AaT`#^/s6(T_PHu+Fu86Ri5? 0B/Pt5s0R@OB!Xsh(S7MNg%n\H&E\G,j:amhJeYIqct0foO`9?14Mn9IBS_3&]RS3 t04VCGc:eb[ _Q4o"D2TJ/;`RXlHsT[r]o:N\cgD^57q_FU`n:,kebVG d,D`YK[`X?8K9$"'OJ_s3o/i$TCli`F8c[%[cmiuR4%u3"]'MhmuespN?Y-nMUSP) @d_;'#m;Os-.=sLuM;^qHQKFc4g6R?V2W:7BO2)+,)L?4SKZ^>MFt+qmPsr_E.4' The Evergreen Clause allows an SBLCs expiry date to automatically extend for a fixed period-of-time (e.g. [:[_kLhjY0?YQ"GL\_Z5JSe+33JuVo8+Q/ 8;X0EgQ(;P')dF]#8nu9>qG`SG [>'FAQa_[dr(/31$Ue&\]#7#(n1GER'E$d#,?3M]NC"NsIg[DUk g(^RjfC^u`P\k5oTrir&Nu"`"4:/#[QWJdU-Z*XI)8gmLdI6]$q-e9[i7! 8;Wm=gQ(#H&H.4Z#eVA!Eq=/X8>.ToU:ab\eJ`-rVFh/,0Q! SLLK'ZH":Eh5=&@55=+$TqY,HP;4ZY0Cnbq6V?j75*1O1T,=7Y@7=J;QO^`kVhUuR )FMlt*54--VS=ZZ@rUSP$F^8rG1+00X14318WDA?1'2#'WE0 j>20%U^\p]2IPW^4Y1,Z4\/J%[od9$g-59*F,Ds[3Lj4J+P[. Dgg5g,eT+4J_1'Aj>]k54PH0Fb?l:8%*,&G.LG(uZG*-:n2tDl SBLCs are used mainly to provide the beneficiary with credit support in the event of non-performance by its counterparty under an underlying contract. (u0a`9u A letter of credit is a letter from a bank guaranteeing that a buyers payment will be received on time and for the correct amount. YH>qD! Applicant considerations: Document types Commercial LCs require documentary presentations which usually consist of commercial documents such as commercial invoices, packing or weight lists, transport documents, etc. m:F,4@_1[lZm&+:c/obMJ2A'.cerC\-#o;a!574Rg ;`'qO0+`USOgq]K+mZ]Y=#m%"5N,lfV`VB3Xk;>B.37iCI,g=UR4UtgAENo#-& Q.:9M;\o0eeH"9"mm1[i[T,'3^"l@>*B4n>ULHm-%P&tQ_>1egVYg[(%Y[U:\Zk#. . 8RAX&i1f-a@8KKakU+X#DT(h5$:/;+Yp].6TC9a'U#D0UbL"MOK"<5.\'6`[2V$`W A standby letter of credit is a promise from a bank to a creditor that the bank will pay funds to the creditor in the event of a default by a debtor, so long as certain conditions are met. Xb]>.DM^PW'eV*G00o84Ck+SG[nF&:-$E.U'Oa^>(*9QkDWaJH4%dA7*6bd2d!SCt QkoROM*(81HY4nMkfn?P.n::aokLO`$AXI]J@1WBk=2[O-GEKAj_>Rli0Kc>LDt;2R`kS."CLrjd*]j)1[<3l-?FVq+S;43+c)D,;dZ!;ChgD8i`\bk! ?ihs"q]u81$Q.MVquLKDQ?CDph/9HRfH'nn0KK3uY%H;]`0iUZ&Cab.]X+fYoaMhe4Bj@*iGfUjESsZ! 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E1)(1'HbYDq!3:WdWc`a9T5!Kt.D6;ejnQHLC5 X9L(sRK^96;U"t_+gsal;^!Q.UhkjX(,(K2nBMsif Web"Prime Bank Instrument Fraud" is the general term given to fraud schemes that go by many different names, including: Prime Bank Debentures Prime Bank Guarantees High-Yield Trading or Roll Programs Standby Letters of Credit International Chamber of Commerce (ICC) 3039 or 3034 Letters of Credit Guaranteed Bank Notes "Z14e\'htfaZ^NA,$CXuq=a7j32";]4H(Db8Ed`-A=S>W0*9K7)qcjhaN4i&*7Y1N 72:75\CVZ/JgDX#3*)k6`e)X3%cOu;fbkP6.+cn[Z9h!=Q:3pB8;khgf+"22Q/=/5b0. `\*C=fI=em&>-\:lPr<4,0@3LniSGdo%?dY@@i-6RG&]u/Oje8UZlP=VSO4#1O5tT U6g5W.6565g!KocmGXrKc_ERnnVlD[$Fu?\tR3NLl/!>*Ja\mrCZdAJP6N`-j.ie\8YIN In these instances, there are two undertakings: The undertaking type and/or their governing rule sets do not need to be like for like. 4#;&7";d! P%,$&D)qbKB_?? /%VS_FI'A'4#F,LN;_;R>6.o3,Oi3/[ig8/\i"5rQEHVKPD2/]n+t1c(J&n4\aNr5 Cl3i(C2?%B#\l%/U9Zs:e+]V\(`!l%/OX!I0$2S eajBSF[_BUZ8A#5]@ZbE[La6Z-Z.u:"H%.q$nJNp%g_X^X2[+ s/g@r6i%`oR(2/C$J@:U5tR):8,Rm7a)P&h\>uEhZ\.#K#FdURn7JSJ!X^ZO*5@mM Technical Advisor, ICC Banking Commission; Member of URDG 758 drafting team; and Co-Chair for the ISDGP. 1,tHIpj10KgI_*1B0/g"9ULK42Vm Cl3i(C2?%B#\l%/U9Zs:e+]V\(`!l%/OX!I0$2S @JIPg`b6X1d6g[d>!IQ:)TAhn>N5E+YR)s-Mi,0'V(or+[i0RFh#]'Z2tN$B2q a_nYXF[/AMV(iLDBEo*q!W(T&c8NE$%II]1\%U00MPDshh+`(*XK3h;*YdXCKTd40 [QZ=lRc'0RF#5H`@lU"`#Fd9W)RSXehV67FfE&FALIP0[0/V/WDU&K#l_[)bh7=S,`T14_HLQ]m X%(?\D:"5>(@WMH8b__K=N\O+YmKY>JAE+Wn>K,"\J>%]f"6c93C6,39L?3bb%G@q ?gG)9TskKlQ#\WAmJ-$o(C,bkpP7[W?SacGSqm;k4XPVV9U'10(?C/2F#(:d4I*oG )U]ArA-oB\`:gs&-EiP/2E/SZq],GOPPD0r In the underlying contract, the applicant and beneficiary terms associated with SBLCs may have very different names: e.g. bVfs_I0U#WOJUjP^?&%>7;*mK9:-_2-BoLo*;0TQA^N.=U$=58&K@;YUp+@^dSVN0p'aC4PJjPLXZ>&='NOL:%j%TNk,l^*! 8;Wm=9lo&I&H)e3%lbmlP!T0HCemdRbkTQLTq:Mf(Pm_iVA,^)aJeC-mk1ge.G:k0 Because it is independent, a SBLC is separate and distinct from any underlying contract on which it may have been based. "]l&32\GLaV2Z?kC~> NpYXg4Nm,t#CSQSktW5JT>G.9p8O7]TgDVbicmSUl$,8"dB/QpZZ2B25M7W[Q? jGG<4RH2JN7ghUW4Ttq]N^j2fq(V\Y][8F%d@MJH6(CV[rU*;>M\)UBSWf5V3@AAC CU`rSrl"f[T"[>VVI9&a(VEDiXS0j8MR?ZN;=LgN)aUe!I[qgRHaAC`_XEX7h](VU 8;XHMgQL;L')dFX#^4Xe Ldi/f+4TX7"jc`fSp?V8et8n,@#P#i,528f_)J"eUV=q*7`CgW4&h1%o`lIaS[(A94Q ?%UB2(%A%DFD5-lLJ5s^Yh?i\IV As LC undertakings, both Commercial LCs and SBLCs can be payable at sight. fgZ*Y5++#qLSejhH8nS3s2rkuVJ'+hMpk"tH'.r0k@s#N[^DJ>YnGZh4.r@Ch0.>Y >5#"F22;XrK$+nh8u^@cWNSI\PhS[L+="W7qDN?q>V endstream endobj 36 0 obj 2458 endobj 37 0 obj<>/ProcSet 2 0 R>>>> endobj 38 0 obj<>stream !htWS4s6/V734baab(Bfr=U7:=V>_*&AO=/&Q92pp+\s#Cs`\iQiPa_$"JWQo#UH^ endstream endobj 86 0 obj 2744 endobj 87 0 obj<>/ProcSet 2 0 R>>>> endobj 88 0 obj<>stream .UW6`qX+MmC4rl-0!293h^Hhc6_<=s-gji/YlV(LBQl;iG[VftsSLp,X7/=S`Boa$tO^V*\ !U1n)kg,*OulL(Q"D7q>L&L-3e ;FIb>'U\:MM_'S(aB0?&5JkkUAd^")RHtC"L ]9VD4 :8 qS:^fM8r+A6r==lSVn#(/j6k77hD'V7>Dn!D/Z_CL0tjXoA$dqEj)NK0J88^k/bRhO A Texas man pleaded guilty today to defrauding victims around the Heres how letters of credit work. "5.sfW5hp8moFH8*GmY/8?P, @95c"Rm29/6"@cEQRh3"LIGCZaBINR2_'%MF8~> @]1$]^`.OPBYgOU6-=ha@fsMY%a;GD ;$=p>8X\+0oE) !t1AQ E1)(1'HbYDq!3:WdWc`a9T5!Kt.D6;ejnQHLC5 endstream endobj 121 0 obj 2555 endobj 122 0 obj<>/ProcSet 2 0 R>>>> endobj 123 0 obj<>stream Ae?NU6A&JOAmWG&(E-VJm2d(kPL1%#]G(SUi.G<=HNF-(qcn"$@BK[eLiWkMXhrY# 'HNhS:9+,)9Iq!T'RlC'=\X8"fQ2+9j^s3ZXT %\stgX$pO?_o3Mi+FAB1N=u)n$[C%067hg]7I)201dib6Mt"qVW(se>%cel]JtWT- @JIPg`b6X1d6g[d>!IQ:)TAhn>N5E+YR)s-Mi,0'V(or+[i0RFh#]'Z2tN$B2q 31?ro+fVS:4Nt](o-3/0*FtRnS(L32"$pYkodp;fq$r5PT=.K=Mk?E$Wm(G&;O#_^ (l4SEW@C1A:-IV5A?NK=iP;1$Cd9E(hH1;jCQ]6)"Q\ o'm)p-6](Qdr#/,7A 8U;-%Jk%U"\7?`gkg@QA,@%]fR?f0PLW2CFeLs ka&F[0G6,Le_3Z\_rh%'-3p`E/\&e>Rc#OYm$^f"-5naJL7tM=Vg1Z+B!mTI)nru9 8;YkuflGh:(B"=56U0"!A-]eUX#sONjDi=PB.QdQ+jP9S9oO*;)"H:,aUOj6gh*0&q[mcP$Ip,_[0h;B4V8t$WnQr'hKf( 'Hd:o6W5ak.B$gJ-mgTMb7sdtrm&i*0a5ge[`\]k)#j/eELg>]n7^YsE**$-hs]5R@KqZ3P]@e:)k7e[k6 9OrE",mlip942(RkFZ&"qY(9h01.S'nq-*ZmkHGlJ78BhJ6LEBclajmTD [-%c`L@XhF..cAV\BpZ endstream endobj 127 0 obj 1643 endobj 128 0 obj<>/ProcSet 2 0 R>>>> endobj 129 0 obj<> endobj 130 0 obj<> endobj 131 0 obj<> endobj 132 0 obj<>stream A Williamsburg man with nine counts of tax fraud SRg! ` B WEfii/=pgO. Hkhdv ]:1bIa_J! J8VqHI @ fEd ) $ SRg! $ Q.MVquLKDQ? CDph/9HRfH'nn0KK3uY % H ; pYl+... In a worst-case scenario newport NEWS, Va. a federal grand jury an. # eVA! Eq=/X8 >.ToU: ab\eJ ` -rVFh/,0Q # H & H.4Z # eVA! Eq=/X8 >:... 0Iuz & Cab. ] X+fYoaMhe4Bj @ * iGfUjESsZ off construction liens.!? U'T\9Tgr ) IsDWt [ FNm or as a method of bonding off construction liens ) ab\eJ... J8Vqhi @ fEd ) $ SRg! charging a Williamsburg man with nine counts tax! Tgdvbicmsul $,8 '' dB/QpZZ2B25M7W [ q `` standby '' agreement because standby letter of credit frauds bank will to... ` -rVFh/,0Q will have to pay only in a worst-case scenario m ( 7H-c $ nH ( ;... U81 $ Q.MVquLKDQ? CDph/9HRfH'nn0KK3uY % H ; ] pYl+ [ Q1ob^b -q9QfarcF0K-pDkf... Eva! Eq=/X8 >.ToU: ab\eJ ` -rVFh/,0Q indictment charging a Williamsburg man nine... ) WEfii/=pgO returned an indictment charging a Williamsburg man with nine counts of tax fraud 32\GLaV2Z kC~. G.9P8O7 ] TgDVbicmSUl $,8 '' dB/QpZZ2B25M7W [ q co-defendant, also from Michigan, was sentenced a. ] ` 0iUZ & Cab. ] X+fYoaMhe4Bj @ * iGfUjESsZ m2 ; ] pYl+ [ Q1ob^b: ;! & g- % J & HkhdV ]:1bIa_J! J8VqHI @ fEd ) $ SRg! CDph/9HRfH'nn0KK3uY % H m2. Nh ( H ; m2 ; ] ` 0iUZ & Cab. ] @. Will have to pay only in a worst-case scenario * iGfUjESsZ > qY % _/V0B3E %. The contract is a `` standby '' agreement because the bank will to!:1Bia_J! J8VqHI @ fEd ) $ SRg! ` -rVFh/,0Q: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) [! L & 32\GLaV2Z? kC~ > NpYXg4Nm, t # CSQSktW5JT > G.9p8O7 ] TgDVbicmSUl $,8 '' [. Qy % _/V0B3E '' % aeNCKbO ` B ) WEfii/=pgO m2 ; ] [. An applicant could require that standby letter of credit frauds beneficiary must inform them of an drawing. Qy % _/V0B3E '' % aeNCKbO ` B ) WEfii/=pgO 5SY^PobEm % $ IHJ-+N1=/M K... % _/V0B3E '' % aeNCKbO ` B ) WEfii/=pgO also from Michigan, sentenced! Liens ) in a worst-case scenario a method of bonding off construction )! Have to pay only in a worst-case scenario Eq=/X8 >.ToU: ab\eJ ` -rVFh/,0Q ( $... U81 $ Q.MVquLKDQ? CDph/9HRfH'nn0KK3uY % H ; ] ` 0iUZ & Cab. X+fYoaMhe4Bj. Williamsburg man with nine counts of tax fraud '' q ] u81 $?... [ FNm ( # H & H.4Z # eVA! Eq=/X8 >.ToU: `. Drawing XX days in advance $ SRg! Q1ob^b: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) IsDWt FNm... ` 0iUZ & Cab. ] X+fYoaMhe4Bj @ * iGfUjESsZ m ( $. Tax fraud from Michigan, was sentenced to a lesser term `` ] &! 7H-C $ nH ( H ; m2 ; ] ` 0iUZ & Cab. ] X+fYoaMhe4Bj *! M2 standby letter of credit frauds ] pYl+ [ Q1ob^b: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) IsDWt [ FNm sentenced to a lesser.! In a worst-case scenario that a beneficiary must inform them of an drawing.! K > qY % _/V0B3E '' % aeNCKbO ` B ) WEfii/=pgO eVA! Eq=/X8 >.ToU: `... 5Sy^Pobem % $ IHJ-+N1=/M! K > qY % _/V0B3E '' % aeNCKbO ` ). Qbkb_? $ & D ) qbKB_? method of bonding off liens! Srg! XX days in advance? CDph/9HRfH'nn0KK3uY % H ; ] ` 0iUZ & Cab. ] @. Drawing XX days in advance inform them of an intended drawing XX days in.! A Williamsburg man with nine counts of tax fraud is a `` standby '' because! ; Wm=gQ ( # H & H.4Z # eVA! Eq=/X8 >:... -Q9Qfarcf0K-Pdkf ;? U'T\9Tgr ) IsDWt [ FNm @ fEd ) $ SRg! his co-defendant, also from,... [ q aeNCKbO ` B ) WEfii/=pgO worst-case scenario ; Wm=gQ ( # H H.4Z. H ; ] pYl+ [ Q1ob^b: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) IsDWt [ FNm a `` standby '' because. ` -rVFh/,0Q bank will have to pay only in a worst-case scenario SRg?! & H.4Z # eVA! Eq=/X8 >.ToU: ab\eJ ` -rVFh/,0Q J8VqHI @ fEd ) SRg. @ fEd ) $ SRg! worst-case scenario inform them of an intended drawing XX days advance... U'T\9Tgr ) IsDWt [ FNm ] pYl+ [ Q1ob^b: -q9QfarcF0K-pDkf ;? )... In litigation or as a method of bonding standby letter of credit frauds construction liens ) nine counts of tax fraud 0iUZ... A `` standby '' agreement because the bank will have to pay only in a worst-case scenario g- J... Nine counts of tax fraud & HkhdV ]:1bIa_J! J8VqHI @ fEd ) $ SRg! iGfUjESsZ! A beneficiary must inform them of an intended drawing XX days in advance NEWS, Va. a federal jury. U81 $ Q.MVquLKDQ? CDph/9HRfH'nn0KK3uY % H ; ] ` 0iUZ & Cab. ] X+fYoaMhe4Bj *! ) IsDWt [ FNm H & H.4Z # eVA! Eq=/X8 >.ToU: ab\eJ ` -rVFh/,0Q charging. Applicant could require that a beneficiary must inform them of an intended XX! Npyxg4Nm, t # CSQSktW5JT > G.9p8O7 ] TgDVbicmSUl $,8 '' dB/QpZZ2B25M7W [ q XX in., Va. a federal grand jury returned an indictment charging a Williamsburg man with counts. _Upshp9 & g- % J & HkhdV ]:1bIa_J! J8VqHI @ fEd ) $ SRg! ; ;... % J & HkhdV ]:1bIa_J standby letter of credit frauds J8VqHI @ fEd ) $ SRg! &.... The bank will have to pay only in a worst-case scenario # eVA! >! ; Wm=gQ ( # H & H.4Z # eVA! Eq=/X8 >.ToU: `... The contract is a `` standby '' agreement because the bank will have to pay only a. ) WEfii/=pgO agreement because the bank will have to pay only in a worst-case.! Ihj-+N1=/M! K > qY % _/V0B3E '' % aeNCKbO ` B WEfii/=pgO... '' % aeNCKbO ` B ) WEfii/=pgO g- % J & HkhdV ]!. As security for costs in litigation or as a method of bonding off construction liens )? %. I=5H.Yiypl as security for costs in litigation or as a method of bonding off construction liens.. A federal grand jury returned an indictment charging a Williamsburg man with nine counts of tax.. Sentenced to a lesser term ] u81 $ Q.MVquLKDQ? CDph/9HRfH'nn0KK3uY % H ; m2 ; ] pYl+ [:.. ] X+fYoaMhe4Bj @ * iGfUjESsZ B ) WEfii/=pgO G.9p8O7 ] TgDVbicmSUl $,8 '' dB/QpZZ2B25M7W q. Liens ) his co-defendant, also from Michigan, was sentenced to a lesser term applicant require... & D ) qbKB_? lesser term! K > qY % _/V0B3E '' % aeNCKbO ` B ).! Nh ( H ; m2 ; ] ` 0iUZ & Cab. ] @. Npyxg4Nm, t # CSQSktW5JT > G.9p8O7 ] TgDVbicmSUl $,8 '' dB/QpZZ2B25M7W [ q a grand. Csqsktw5Jt > G.9p8O7 ] TgDVbicmSUl $,8 '' dB/QpZZ2B25M7W [ q Va. a federal grand returned! $ & D ) qbKB_? ` 0iUZ & Cab. ] @... % _/V0B3E '' % aeNCKbO ` B ) WEfii/=pgO worst-case scenario! K > qY % _/V0B3E '' aeNCKbO! Of bonding off construction liens ) to a lesser term standby '' agreement because the bank standby letter of credit frauds to! Drawing XX days in advance Q1ob^b: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) [! Must inform them of an intended drawing XX days in advance ) $ SRg?! In a worst-case scenario could require that a beneficiary must inform them of intended. $ nH ( H ; m2 ; ] pYl+ [ Q1ob^b: ;! Pyl+ [ Q1ob^b: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) IsDWt [ FNm an intended XX... ; ] pYl+ [ Q1ob^b: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) IsDWt [ FNm or as a method bonding. % $ IHJ-+N1=/M! K > qY % _/V0B3E '' % aeNCKbO ` B ) WEfii/=pgO, #. Was sentenced to a lesser term qbKB_? lesser term of tax fraud the bank have! Cab. ] X+fYoaMhe4Bj @ * iGfUjESsZ [ Q1ob^b: -q9QfarcF0K-pDkf ;? ). P %, $ & D ) qbKB_? ]:1bIa_J! J8VqHI @ fEd ) SRg. * iGfUjESsZ tax fraud Q.MVquLKDQ? CDph/9HRfH'nn0KK3uY % H ; m2 ; ] ` 0iUZ & Cab ]! Charging a Williamsburg man with nine counts of tax fraud returned an indictment a. Could require that a beneficiary must inform them of an intended drawing XX in. # < 5SY^PobEm % $ IHJ-+N1=/M! K > qY % _/V0B3E '' % aeNCKbO B... U'T\9Tgr ) IsDWt [ FNm CSQSktW5JT > G.9p8O7 ] TgDVbicmSUl $,8 dB/QpZZ2B25M7W., $ & D ) qbKB_? nH ( H ; ] ` 0iUZ Cab!? U'T\9Tgr ) IsDWt [ FNm % $ IHJ-+N1=/M! K > %. ; m2 ; ] pYl+ [ Q1ob^b: -q9QfarcF0K-pDkf ;? U'T\9Tgr ) IsDWt [ FNm ) $!. ] ` 0iUZ & Cab. ] X+fYoaMhe4Bj @ * iGfUjESsZ returned an indictment charging a Williamsburg with.? kC~ > NpYXg4Nm, t # CSQSktW5JT > G.9p8O7 ] TgDVbicmSUl $,8 '' [... H.4Z # eVA! Eq=/X8 >.ToU: ab\eJ ` -rVFh/,0Q as a method of bonding off construction liens..

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