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Sales Confirmation Terms of Payment Terms of Payment Payment by collection Bills of Exchange (Draft) written, dated and signed instrument that contains an unconditional order from the drawer that directs the drawee to pay a definite sum of money to a payee on demand or at a specified future date. Dear sirs, Reference is made to your Contract No. AB405 covering Weasel Tail Hair in the amount of RMB￥1,200 and No. AB507￥1,100 for Dressed Goat hair. As either of these contracts is less than the equivalent of ￡1, 000 in value, we shall be glad if you will as usual ship the goods to us on CAD, i.e. cash against documents basis. We hope you will accommodate us in this respect and look forward to your early reply. Dear sirs, We are in possession of your letter of 28th August and have noted your proposal fro payment against documents for Contract Nos. AB405 and AB507. We are pleased to say that we agree to your above proposal. However we consider it advisable to make it clear that for future transactions D/P will only be applicable if the amount involved for each transaction is not up to ￡1, 000 or its equivalent in RMB at the conversion then prevailing. Should the amount exceed that figure, payment by letter of credit would be required. As we said previously, it is only due to our long friendly relations that we extend you this accommodation. L/C The most generally used________ of payment in the _____ trade is the _______ of credit. It is _________ for individual transactions or _____ a series, makes ________ with unknown buyers easy and __________ protection to both seller and buyer. The process of establishing an L/C _____ with the buyer. He instructs his bank to ______ an L/C for the ______ of the purchase and in favor of the seller. The __ contain full details of the _______ as agreed upon between the buyer and the seller. The buyer’s bank ___ the L/C to its _________ in the seller’s country. ____ receiving the L/C, the ________ advises the seller of the