BILD Calgary Region Bulletin 2022 – 81

From:Mohamad Mohamad, B.Eng
Coordinator, Technical & Standing Committees
Date:December 15, 2022
Subject:Digital Letter of Credit

As of January 1, 2023, the City of Calgary’s Development Commitments group will no longer accept Letters of credit on paper. All Letters of credit must be submitted digitally.

The digital LOCs are acceptable from Banks that have access to the (Society for Worldwide Interbank Financial Telecommunications) SWIFT network. For Canadian Schedule I, II or III Banks (under the Bank Act (RSC 1991, c. 46)), Letters of Credit require an issuer credit rating of at least A- (Standard & Poor’s) or equivalent.

After the performance security amount is confirmed, the City of Calgary’s Infrastructure Strategist will prepare the template of the LOC with the relevant information filled