Dominion holds this document in lieu of a cash security deposit to protect the Company against loss resulting from unpaid service bills by non-residential customers. An Irrevocable Letter of Credit is one that can only be modified by the beneficiary (in this case, Dominion). The minimum dollar amount for this application is $500.00. It is very important that the information on the Irrevocable Letter of Credit is correct and complete. Otherwise, the Company cannot honor it in lieu of a cash security deposit. The Irrevocable Letter of Credit remains in effect for two years.
Before submitting the form, make sure of the following points:
- The form must be printed on the issuing financial institution's letterhead bearing its name and address.
- The form must contain an issuing number for the Letter of Credit.
- The Irrevocable Letter of Credit must be signed by an officer of the financial institution.
- The Dominion company that provides your utility service should be listed as the beneficiary with the address of: 701 E. Cary St., Richmond, VA 23219.
- The dollar amount of the Irrevocable Letter of Credit is equal to the amount of security deposit requested.
- The name on the Irrevocable Letter of Credit must be the same name as it appears on your Dominion account.
- Your business must be registered to do business in the state in which you receive service from Dominion. Accordingly, this business, which Dominion recognizes as its customer, must be the owner or the bona fide lessee of the property that receives the service and must register to do business in the state if it is not.