Irrevocable Standby Letter of Credit
An irrevocable standby letter of credit is an agreement between Duke Energy and a bank. Duke Energy will accept an irrevocable standby letter of credit in lieu of a cash deposit. Irrevocable standby letter of credit characteristics are
- Produced by banks; the Duke Energy customer pays the bank a fee for the letter of credit.
- Can be renewed annually but usually expires after one year.
- If the bank wants to cancel the irrevocable standby letter of credit, they must do so in writing and allow 60 days written notification.
- The irrevocable standby letter of credit must be printed on bank letterhead with an authorized signature and bank seal.
- Irrevocable standby letters of credit are mailed to Duke Energy.
Example Irrevocable Standby Letter of Credit Form (PDF, 53 KB)
Note: If using Adobe Acrobat version 5.0 or greater, your bank can type into the form's blank fields and print the document.
Irrevocable Standby Letter of Credit Form Instructions:
- Bank completes the form.
- Print the form on bank letterhead.
- Have Bank Officer sign and seal the letter.
- Retain a copy for your records.
- Mail the original copy to
Duke Energy Company
Attn: DT01X – Irrevocable Letter of Credit Desk
9700 David Taylor Drive
Charlotte, N.C. 28262