AX. Letter of Credit
Defined in the OklahomaDOT standard specifications. This is the agency’s own text, with the section it comes from.
Definitions are quoted from state-authored public specification books. This page carries no I-Code-derived terms.
Oklahoma · ODOT
An irrevocable letter of credit used instead of a Bond for the benefit of the State. (See Subsection 103.05, “Bonding Requirements.” ) AY. Letting. — See Bid Opening. AZ. Liquidated Damages. Monetary damages charged to the Contractor at a specified rate when Work is not completed within the Contract Time, to recover a portion of cost incurred by the Department for additional engineering, inspection, and overhead for continued supervision of the
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