Play | Catch | PAYS |
---|---|---|
3 Spot | 3 | $32.00 |
4 Spot | 4 | $140.00 |
5 Spot | 5 | $675.00 |
6 Spot | 3 | 50¢ |
4 | $2.00 | |
5 | $40.00 | |
6 | $1500.00 |
Play | Catch | PAYS |
---|---|---|
3 Spot | 3 | $6.00 |
4 Spot | 4 | $26.00 |
5 Spot | 5 | $120.00 |
6 Spot | 6 | $600.00 |
– | ||
– | ||
– |
Play | Catch | PAYS |
---|---|---|
3 Spot | 3 | $12.50 |
4 Spot | 4 | $55.00 |
5 Spot | 4 | $2.00 |
5 | $225.00 | |
6 Spot | 4 | $1.00 |
5 | $20.00 | |
6 | $625.00 |
Play | Catch | PAYS |
---|---|---|
3 Spot | 3 | $32.00 |
4 Spot | 4 | $140.00 |
5 Spot | 5 | $675.00 |
6 Spot | 3 | 50¢ |
4 | $2.00 | |
5 | $40.00 | |
6 | $1500.00 |
Play | Catch | PAYS |
---|---|---|
3 Spot | 3 | $6.00 |
4 Spot | 4 | $26.00 |
5 Spot | 5 | $120.00 |
6 Spot | 6 | $600.00 |
– | ||
– | ||
– |
Play | Catch | PAYS |
---|---|---|
3 Spot | 3 | $12.50 |
4 Spot | 4 | $55.00 |
5 Spot | 4 | $2.00 |
5 | $225.00 | |
6 Spot | 4 | $1.00 |
5 | $20.00 | |
6 | $625.00 |
The LOC provides in pertinent part:
'You may draw hereunder by means of your drafts on us at sight accompanied by the following written certification: This Irrevocable Letter of Credit was taken as collateral on the bond(s) for the above-mentioned principal. As of this date, we have not been released of liability by the obligee and/or claims have been made against the bond(s). The proceeds of our draft will be retained and used by Amwest. In the event our liability under our bond(s) is satisfied, Amwest will refund to you the amount paid, less any amounts which may have been paid by Amwest in the interim under our bond(s) and for any unpaid premium due Amwest on said bond(s). We engage with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored if presented at this office on or before October 25, 2000 or any automatically extended date as herein before set forth. We confirm credit and hereby undertake that all drafts drawn and presented will be duly honored by us within fifteen days of receipt.'
'As you know, one of the terms and conditions of the letter of credit is that `Amwest has not been released of liability by the obligees.' Despite your certification to the contrary, it is apparent that Amwest has, in fact, been released by the obligor [sic]. As a result, we are dishonoring your draft dated November 17, 2000.
Concord Bank is basing its decision upon information, in part, which is well known and documented by Amwest.'
*874 '(a) That the actions of the City of St. Louis breaching its agreements with respect to payment of funds for the project constituted a material breach of its obligations to Amwest;
(b) That the aforesaid actions by the City of St. Louis led to or caused all of the damages it claimed and caused the increased cost with respect to the Argyle Parking Garage project;
(c) That as a result thereof Amwest was released from any obligations under its Payment and Performance Bonds;
(d) That the November 17, 2000 certification by Amwest to Concord Bank was false and fraudulent in that Amwest had been released from its liability by the obligee, that the certification was further false and fraudulent in that at the time of the presentation of the sight draft Amwest was and would be incapable of refunding any funds to Concord Bank in the event cost of completion was less than the amount paid by Concord;
(e) That Concord Bank properly dishonored the November 17, 2000 sight draft for the aforesaid reasons; and
(f) such further and other relief as the Court deems proper under the premise.'
1) The contract between the issuer (generally a bank) and its customer (the applicant) whereby the issuer agrees to issue the letter of credit (to the thirdparty beneficiary);
2) the underlying contract between the applicant and the beneficiary giving rise to the issuance of the letter of credit; and
3) the letter of credit itself, which is a contract between the issuing bank and the beneficiary and provides that the issuing bank agrees to pay the draft(s) drawn against the letter of credit upon presentation of said draft(s) and accompanying requisite documents.
'(d) (i) If the Issuing Bank and/or Confirming Bank, if any, or a Nominated Bank acting on their behalf, decides to refuse the documents, it must give notice to that effect by telecommunication or, if that is not possible, by other expeditious means, without delay but no later that the close of the seventh banking day following the day of receipt of the documents. Such notice shall be given to the bank from which it received the documents, or to the Beneficiary, if it received the documents directly from him.
(ii) Such notice must state all discrepancies in respect of which the bank refuses the documents and must also state whether it is holding the documents at the disposal of, or is returning them to, the presenter.
(e) If the Issuing Bank and/or Confirming Bank, if any, fails to act in accordance with the provisions of this Article and/or fails to hold the documents at the disposal of, or return them to the presenter, the Issuing Bank and/or Confirming Bank, if any, shall be precluded from claiming that the documents are not in compliance with the terms and conditions of the Credit.'
*884 'Creditors shall be allowed to receive interest at the rate of nine percent per annum, when no other rate is agreed upon, for all moneys after they become due and payable, on written contracts and on accounts after they become due and payment is made; for money recovered for the use of another, and retained without the owner's knowledge of the receipt, and for all other money due or to become due for the forbearance of payment whereof an express promise to pay interest has been made.'