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The term performance - based standby letter of credit means any letter of credit , or similar arrangement , however named or described , which represents an irrevocable obligation to the beneficiary on the part of the issuer to make payment on account of any default by a third party in the performance of a nonfinancial or commercial obligation . The youth - - and all citizens in our community - - have suffered because of an absence of a committed policy and strong leadership on the part of the adults with responsibility for the juvenile justice system . Contact details and a feedback form are available from the Web site : Renardus partners would be pleased to learn from other collaborations and partnerships and welcome feedback and discussion on any part of the project . Less than stellar leadership on the part of local and state officials escaped scrutiny while negative remarks about President Bush garnered ample airtime . It is sometimes found in the art of this subclass , especially in the instance of the preassembly , with a bolt , of a member which has variations in its axial dimension , such as a lock washer with twisted teeth , that the bolt is so proportioned or structured that the maximum extent to which it can be tightened during assembly is somewhat less than the extent at which it would flatten the washer " s teeth into the plane of the remainder of the washer , thus , avoiding the loss of locking efficiency on the part of the teeth . The concept calls for no additional workload on the part of traffic management specialist , air traffic controller , or airspace user . The truly monumental absence of academic and moral leadership on the part of university presidents in the 1960s , I feared , seemed destined to be maintained in the 1990s by a new generation who seemed to have profited too little from the experience of their predecessors .