Banks issue Letters of Credit certifying that the vendor has ”X” dollars of irrevocable credit. The Letter of Credit is submitted during the Solicitation Response State and serves the same purpose as a Bid Bond. Upon award, the Letter of Credit expires for the unsuccessful vendor.
A link to the Letter of Credit (LTRCR) page is provided in the Transactions tab of the Procurement Management page when the user has selected the Post Award State from the Available States tab. You can also transition back to the Procurement Management page from the Letter of Credit page by clicking the Procurement Management link.
Note: Historical records (Historical Procurement Folder field is set to Yes) are hidden, by default, when opening this page. Historical records are only displayed, if the Historical Procurement Folder field on the search window has been set to blank or Yes. If the Historical Procurement Folder search field is set to No, then all historical records are hidden. Records are set to historical as a result of running the Procurement Folder Historical Update process.
Related Topic(s):