Which exhibit outlines the terms of a trade payment and the responsible party?

The correct choice is based on the specific content and focus of Exhibit 4. This exhibit is dedicated to detailing the conditions under which trade payments occur. It specifies the financial agreements made during a trade, including the amount, timing, and any contingencies that may affect these payments. Additionally, it clarifies which party is accountable for fulfilling these financial obligations.

Understanding this exhibit is crucial for agents, as it directly affects the financial aspects of trade agreements. Keeping track of the payment structure ensures that both the player’s and the team's interests are protected and that there is a clear understanding of the fiscal responsibilities involved in the transaction. This clarity helps prevent disputes and ensures smooth negotiations and conclusions of trade deals.