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             l end-users. Purchases are usually established through an irrevocable Letter of Credit, costing approximately 2 to 3 percent of the total amount of credit for firms with established banking relationships and 4.5 to 5 percent for smaller firms representing new accounts or new to international trade. The Bank of China's documentation requirements for letters of credit can include: Commercial invoice Ocean bill of lading or air waybill Manufacturer's certificate of quality Certificate of origin Insurance certificate covering 100% of invoice value Currency and money claims, such as bank balances and letters of credit, will be expressed in the equivalent value of the Chinese yuan. This should maximize sales potential, allowing the end-user to focus on profits and not on the uncertainties of foreign exchange rates. We will use a foreign exchange banking service to convert Chinese yuans into American dollars at the time the letters of credit become payable. Pricing Strategy In China,!
             quality and reliability of equipment are key competitive factors for stock, future, and commodity exchanges that use high-speed telecommunications products for data transmission. Even though manufacturers report that competition is driving down equipment prices, price does not seem to be the number one consideration for end-users. The end-user often attaches great importance to a company's reputation when purchasing equipment, since they have no other way to estimate whether they will be satisfied with the equipment. U.S. companies enjoy a strong reputation for high-technology, while the Japanese companies are better known for economical prices and reliable after-sales service. Although, telecommunications is assigned high priority status, tightening budgets could result in more demands for vendor credit, making price a more important consideration for end-users choosing among equipment suppliers. American Communication Services will matc...