[Federal Register Volume 59, Number 99 (Tuesday, May 24, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-12561]


[[Page Unknown]]

[Federal Register: May 24, 1994]


=======================================================================
-----------------------------------------------------------------------

GENERAL SERVICES ADMINISTRATION

41 CFR Part 101-45

[FPMR Amendment H-189]

 

Sale of Surplus Government Personal Property

AGENCY: Federal Supply Service, GSA.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: This regulation incorporates into the FPMR a reference to 
``Uniform Customs and Practices for Documentary Credits'' (UCP) which 
is published by the International Chamber of Commerce (ICC), an 
international not-for-profit organization. To prevent copyright 
infringement, it is necessary to acknowledge the fact the UCP is 
copyrighted and may only be reproduced upon permission of ICC.

EFFECTIVE DATE: May 24, 1994.

FOR FURTHER INFORMATION CONTACT:
Lester D. Gray, Jr., Director, Property Management Division (703-305-
7240).

SUPPLEMENTARY INFORMATION: The General Services Administration (GSA) 
has determined that this rule is not a significant rule for the 
purposes of Executive Order 12866.

REGULATORY FLEXIBILITY ACT: This final rule is not required to be 
published in the Federal Register for notice and comment. Therefore, 
the Regulatory Flexibility Act does not apply.

List of Subjects in 41 CFR Part 101-45

    Government property management, Surplus Government property.

    For the reasons set forth in the preamble, 41 CFR Part 101-45 is 
amended as follows:

PART 101-45--SALE, ABANDONMENT, OR DESTRUCTION OF PERSONAL PROPERTY

    1. The authority citation for Part 101-45 continues to read as 
follows:

    Authority: Sec. 205(c), 63 Stat. 390; 40 U.S.C. 486(c).

Subpart 101-45.48--Exhibits

    2. Section 101-45.4802 is revised to read as follows:


Sec. 101-45.4802  Sample Format--Irrevocable Letter of Credit.

(Name and address of Bank Issuing letter of Credit)
(Date)
(Number of Letter of Credit and reference)
Treasurer of the United States
Washington, DC 20220

    Dear Madam: We hereby establish our irrevocable letter of credit 
No. ________ in your favor by order and for account of (name of 
company submitting bid) up to an aggregate amount of $________ 
available by demand drafts drawn on us by a representative of 
(specify agencies to which directed: e.g., Department of the Army, 
Department of the Air Force, General Services Administration). 
Drafts must be accompanied by a written statement of the interested 
agency that the amount drawn under this credit represents (1) the 
deposit required as a guarantee to support an acceptable bid made by 
(name of bidder) to purchase material from the Government, or (2) 
payment in full for the property. Drafts drawn under this credit 
must be marked ``drawn under letter of credit No. ________ of (name 
and address of issuing bank).''
    Unless otherwise expressly stated herein, this credit is subject 
to the Uniform Customs and Practice for Commercial Documentary 
Credits> fixed by the 13th Congress of the International 
Chamber of Commerce. We hereby agree with you that the drafts drawn 
under and in compliance with the terms of this credit shall be duly 
honored on due presentation to the (name of the bank) if presented 
on or before ________.
    Very truly yours, (Authorized signature of bank official).
    3. Section 101-45.4803 is revised to read as follows:


Sec. 101-45.4803  General Instructions for Preparation of Irrevocable 
Letter of Credit.

    Use either clause (1) or (2) of Sec. 101-45.4802, as applicable.
    Some Banks use language which varies from that shown in 
Sec. 101.45.4802. Variations from the prescribed text maybe permitted 
if the meaning of the letter of credit prepared by the bank is the 
same. Each of the paragraphs of the prescribed letter of credit is an 
essential part of the agreement. No paragraphs shall be added and none 
shall be deleted.
    A letter of credit may be addressed to a specific department or 
agency instead of ``Treasurer of the United States,'' Letters of credit 
of this type shall be addressed to the head of the agency or 
department, as the Secretary of the Army, or the Administrator of 
General Services. Should this be done, the words ``Treasurer of the 
United States for the account of'' shall be deleted from the draft 
drawn under the letter of credit.
    Each letter of credit must be clearly irrevocable and is not 
acceptable if the expiration date stated therein is less than 30 days 
from the date of the sale at which it is used.

    Dated: May 12, 1994.
Julia M. Stasch,
Acting Administrator of General Services.

[FR Doc. 94-12561 Filed 5-23-94; 8:45 am]
BILLING CODE 6820-24-M