International Collections Case

You are a manufacturer of auto parts located in Fort Lauderdale, Florida, USA.You have entered into an international sales contract to sell a shipment of parts to a purchaser in So Paulo, Brazil.You have extended credit to the importer using a D/A documentary collection.See the specifics outlined below:

Terms:

Delivery: CIF Santos, Brazil (INCOTERMS 2010)

Time of Payment: Sixty days from the date documents are stamped "Shipped on board"

Draft Amount: $2,175,000.00

Remitting Bank: Bank of America - Fort Lauderdale, Florida, USA

Collecting Bank: Banco do Brasil - So Paulo, Brazil

Case Questions:

1. Describe the steps and specific documents required for you to get paid for the shipment.
2. What could you do to get paid sooner than sixty days?