Republic of the Philippines

Name of the Procuring Entity

Project Reference Number

Name of the Project

Location of the Project

Standard Form Number: SF-GOOD-52Revised 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.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.