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How can I be paid for my exports and how long will it take?
This may vary greatly. Open account trading, drafts (bills of exchange) and payments by Letter of Credit are just some examples. Times of settlement also vary: in northern Europe you can often negotiate payment at 7 or 14 days but in southern Europe settlement at 90 or 120 days is typical. Letters of Credit can provide for payment immediately ("at sight") or after a certain term. Consult your bank manager or regional business centre of your bank. Speak to a credit insurance provider such as the NCM Group. You can also contact the Simpler Trade Procedures Board (SITPRO). Your local International Trade Team can also provide helpful advice. Remember, as you would with a UK customer, credit references should be obtained.
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