Pick a product2. Pick an exporting country3. Pick an importing countryStep 2:1. Start with the basic elements of a contract2. What components from an international contract should be included in your assignmentStep 3:1. Review the chapters we covered in the course and decide which chapters apply to yourproduct and countries you have selected. For example: if exporting from Canada to USAthan the chapter on trade agreements will be included in your contract because ofNAFTA/USMCA. If exporting from Canada to Russia there is no trade agreementtherefore the chapter on trade agreements is not included. Another example: ifexporting bulk water the Intellectual Property chapter would be out (no IP in bulk water)however if exporting finished bottled water IP would be included to protect the name ofthe product.2. Pick elements from your selected chapters from the course and determine what fromthose chapters should be included in the contract. For example the payment andfinance chapter. Pick one payment method from the chapter to be included in thecontract, don't discuss all payment methods.3. Justify your decision for including the terms/clauses in the contract. This is the mostimportant thing. For example "We have selected the payment term to be a Letter ofCredit because ........(justification)......."This is not