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Copyright © International Chamber of Commerce (ICC). All rights reserved. ( Source of the document: ICC Digital Library )
A prominent American football coach has filed a US$1.5 million letter of credit (L/C) with a US court as a gesture of good faith in an employment contract dispute with his former employer.
The former West Virginia University head coach Rich Rodriguez lodged the L/C as an acknowledgement that the amount of US$1.5 million was the maximum he owes to the university after leaving for a job with the Michigan football team.
Spirit of compromise
Documents filed in the US District Court in Clarksburg say Rodriguez's L/C is valid for 90 days and he was filing it "in the spirit of compromise and as an act of good faith to assure West Virginia University that if this Honorable Court makes an award against Defendant said monies will be paid."
The university sued Rodriguez to recover a US$4 million buyout from his contract.
Voluntary departure
The lawsuit brought by West Virginia University reportedly charges Rodriguez with breach of contract because he left his employment voluntarily.
Because he left voluntarily, the university argues that the coach failed to meet the terms of departure of his contract, which apparently only include his death, disability or permanent retirement.
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