Jamal Steel, a rapidly growing small steel company with annual revenues of $8 million is looking to buy a large industrial furnace from Japan that is expected to cost $2 million. The exporter wants Jamal Steel to produce a letter of credit. Jamal Steel's CFO is reluctant to do so. Instead, the CFO wants an order written by the exporter instructing Jamal Steel to pay $2 million at a specified time. In international commerce, what the CFO is asking for is known as a

Jamal Steel, a rapidly growing small steel company with annual revenues of $8 million is looking to buy a large industrial furnace from Japan that is expected to cost $2 million. The exporter wants Jamal Steel to produce a letter of credit. Jamal Steel's CFO is reluctant to do so. Instead, the CFO wants an order written by the exporter instructing Jamal Steel to pay $2 million at a specified time. In international commerce, what the CFO is asking for is known as a

Jamal Steel, a rapidly growing small steel company with annual revenues of $8 million is looking to buy a large industrial furnace from Japan that is expected to cost $2 million. The exporter wants Jamal Steel to produce a letter of credit. Jamal Steel's CFO is reluctant to do so. Instead, the CFO wants an order written by the exporter instructing Jamal Steel to pay $2 million at a specified time. In international commerce, what the CFO is asking for is known as a



A. bill of lading.


B. draft.


C. letter of credit.


D. counterpurchase.


E. buyback.



Answer: B. draft


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