The UCP offers that letters of credit score, by their nature, are separate viking fa la la la valhalla la all over printed ugly christmas sweater transactions from the contracts on which they might be based and financial
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and such right of the Crown is assigned by virtue of Part VIII of the Financial Administration Act to such Claimant. For the purpose of this bond, viking fa la la la valhalla la all over printed ugly christmas sweater a Claimant is defined as one having a direct contract with the Principal or any Sub-Contractor of the Principal for labour, materials or both, used or moderately required to be used in the performance of the Contract, labour and materials being constituted to include that part of water, gas, energy, mild, heat, oil, gasoline, telephone service or rental of kit directly applicable to the Contract. 8.1 Where a Letter of Credit is acquired by a contracting authority, the contracting authority shall hold the Letter of Credit in a place enough for safekeeping.
6.three The Crown calls for cost underneath the terms and circumstances of a letter of credit by presenting a number of written demand for payment, signed by a licensed departmental representative recognized in the Letter of Credit by his office. 5.1 The face quantity of a bid or contract help letter of credit score for all sorts of contract is to be determined by the contracting authority, considering pertinent components, such as the inherent dangers of the contract and the customized generally accepted in the specific career or trade involved. three.1 A letter of credit score which is issued by a monetary establishment which is a member of the Canadian Payments Association, may be accepted by a contracting authority both to offer an incentive for entry into or performance of a contract, or to supply a supply of funds to mitigate damages if the profitable bidder fails to enter into or perform the contract. 2.1