WEBVTT 00:00:06.510 --> 00:00:10.610 Good morning, Joseph,��Isabella. Did you have a good rest last night? 00:00:10.610 --> 00:00:13.510 Sure. Thank you for your hospitality. 00:00:13.510 --> 00:00:17.510 You're welcome. So, shall we proceed with our discussion? 00:00:17.510 --> 00:00:23.610 Yes. Regrettably, it was not possible to secure an acceptable price for the goods yesterday. 00:00:23.610 --> 00:00:29.310 We insist only that your prices be comparable to others within the industry. 00:00:29.310 --> 00:00:34.710 Surely that's reasonable, isn't it? We want a 10% discount. 00:00:34.710 --> 00:00:42.010 That's impossible. Frankly, your order is insufficient to qualify for any additional reduction in price. 00:00:42.010 --> 00:00:46.810 We'll never be able to come down any lower than 5%. 00:00:46.810 --> 00:00:51.310 Perhaps you can negotiate with your manufacturer for a lower cost. 00:00:51.310 --> 00:00:55.110 Well, we can try, but that doesn't guarantee anything. 00:00:55.110 --> 00:00:59.110 Why don't we compromise a bit for long-term cooperation? 00:00:59.110 --> 00:01:06.610 How about meeting each other half way as a goodwill gesture, to conclude this deal for mutually beneficial times to come? 00:01:06.610 --> 00:01:13.210 If you say so. We agree to give you a 7% discount. 00:01:13.210 --> 00:01:17.510 You know, we've kept the price as close to cost as possible. 00:01:17.510 --> 00:01:21.810 00:01:21.810 --> 00:01:25.210 We certainly appreciate you making such a concession. 00:01:25.210 --> 00:01:30.710 Now that the price and quantity have been settled, let's turn our attention to the terms of payment. 00:01:30.710 --> 00:01:33.610 With regard to contracts for new customers, 00:01:33.610 --> 00:01:42.010 we usually require a 100% value, irrevocable Letter of Credit in our favor available by draft at sight. 00:01:42.010 --> 00:01:50.610 I see, because this is the most secure form, but it is the most complicated method of payment. 00:01:50.610 --> 00:01:57.810 Could you make an exception and accept Documents against Acceptance (D/A) or Documents against Payment (D/P)? 00:01:57.810 --> 00:02:05.110 I'm afraid not. We insist on payment by Letter of Credit. This is a standard practice. 00:02:05.110 --> 00:02:11.010 To be honest, when we open a Letter of Credit with a bank, we have to pay a sizeable deposit. 00:02:11.010 --> 00:02:14.510 That'll tie up our funds and add to our cost. 00:02:14.510 --> 00:02:25.010 You will be only too aware that a confirmed and irrevocable Letter of Credit provides an exporter with additional protection under banker's guarantee. 00:02:25.010 --> 00:02:30.710 Okay. But I do hope you will consider our position once our creditworthiness is undoubted, 00:02:30.710 --> 00:02:34.710 once we've concluded more business transactions with you. 00:02:34.710 --> 00:02:37.110 Sure, and in due course, all will be fine. 00:02:37.110 --> 00:02:41.910 We may consider accepting payments on a D/P basis for established customers. 00:02:41.910 --> 00:02:44.410 We appreciate your cooperation this time. 00:02:44.410 --> 00:02:50.710 I contacted our factory and was told that they would step up production to reduce delivery by 4-6 days. 00:02:50.710 --> 00:02:53.610 That's good! Thank you for your effort. 00:02:53.610 --> 00:02:57.610 We're delighted with the deal and we hope that there will be many more to come. 00:02:57.610 --> 00:03:02.410 I hope so, too. When will the draft contract be ready for signature? 00:03:02.410 --> 00:03:08.910 We'll have it ready later today and have a copy of the contract sent to your hotel this evening for your inspection. 00:03:08.910 --> 00:03:13.510 That's very considerate of you. You guys are so efficient. 00:03:13.510 --> 00:03:17.510 Aha, let's seize the day, seize the hour.