When an Exporter Agrees to Sell to a Foreign Buyer

When an exporter agrees to sell to a foreign buyer using the letter-of-credit format for payment,the next step after the exporter and customer agree on terms of sale is to have the buyer:

A) send payment documents to the seller.
B) request its foreign bank to open a letter of credit.
C) check the financial background of the seller.
D) place an escrow document with a local lawyer.
E) provide a statement of earnings.

Correct Answer:

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