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Consider the typical confirmed documentary credit process. Below are each of the steps. Please place these in the correct sequence, with 1. being the first
Consider the "typical" confirmed documentary credit process. Below are each of the steps. Please place these in the correct sequence, with 1. being the first step and 14. being the last step. Bank I = Importer's bank Bank X= Exporter's bank Importer arranges L/C with Bank I A. 1 B. Investor presents acceptance and is paid by Bank I C. Bank I accepts and returns term draft to Bank X D. Exporter agrees to fill order Bank I sends L/C to Bank X E. F. Exporter ships goods to importer 8 Bank X sells acceptance to investors G. H. Exporter presents term draft and documents to Bank X 1. Importer orders goods 10 J. Bank I obtains importer's note and releases shipment 11 12. K. Bank X presents draft and documents to Bank I L. Importer pays Bank I 13 M. Bank X advises exporter of L/C and, if necessary, adds its confirmation. 14 N. Bank X pays the Exporter Consider the "typical" confirmed documentary credit process. Below are each of the steps. Please place these in the correct sequence, with 1. being the first step and 14. being the last step. Bank I = Importer's bank Bank X= Exporter's bank Importer arranges L/C with Bank I A. 1 B. Investor presents acceptance and is paid by Bank I C. Bank I accepts and returns term draft to Bank X D. Exporter agrees to fill order Bank I sends L/C to Bank X E. F. Exporter ships goods to importer 8 Bank X sells acceptance to investors G. H. Exporter presents term draft and documents to Bank X 1. Importer orders goods 10 J. Bank I obtains importer's note and releases shipment 11 12. K. Bank X presents draft and documents to Bank I L. Importer pays Bank I 13 M. Bank X advises exporter of L/C and, if necessary, adds its confirmation. 14 N. Bank X pays the Exporter
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