Review the following International Collections Case. Submit a detailed response to the two questions at the end of the case. 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:

Describe the steps and specific documents required for you to get paid for the shipment.

What could you do to get paid sooner than sixty days?