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QUESTION
Assume that ABC Corporation signed an export sales contract with Tango Inc. in Argentina for $1,000,000.
1. Assume that ABC Corporation signed an export sales contract with Tango Inc. in Argentina for $1,000,000. Sales contract also specified that payment to be facilitated by an Irrevocable Confirmed Letters of Credit. Briefly, describe an irrevocable confirmed letters of credit and explain the steps between signing the sales contract and payment. Note that ABC works with Citibank, NY and Tango Inc. works with Banco Rio, Buenos Aires.
