Bill No. Pay this . Bill of exchange, also called draft or draught, short-term negotiable financial instrument consisting of an order in writing addressed by one person (the seller of goods) to another (the buyer) requiring the latter to pay on demand (a sight draft) or at a fixed or determinable future time (a time draft) a certain sum of money to a specified person or to the bearer of the bill.
The party to whom a bill of exchange is addressed is called the acceptor. FIRST. Bill of exchange can be defined as an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a … A bill of exchange is also called a draft but, while all drafts are negotiable instruments, only "to order" bills of exchange can be negotiated. Draft Bill of Exchange synonyms, Draft Bill of Exchange pronunciation, Draft Bill of Exchange translation, English dictionary definition of Draft Bill of Exchange. These documents have appeared in a majority of states and have been used in an attempt to pay for everything from cars to child support. SECOND . The vendor can request that the bill be sent back-> Draft paper bill. Bank bill of exchange here exists a general agreement between business partners.
To: Signature and Company Stamp : Bill No. accepting) the bill.
Bottom Line: A Bill of Exchange or Draft is simply an unconditional order written by the seller/creditor/exporter instructing/ordering the buyer/debtor/importer to pay a specified amount of money at a specified time. n. a writing by a party (maker or drawer) ordering another (payor) to pay a certain amount to a third party (payee). The lender draws up a bill of exchange for a specified sum of money payable at a given future date, usually three months hence, and the borrower signifies his agreement to pay the amount involved by signing (i.e. Bill No. A bill of exchange drawn on a bank account is a "check." Continuing to help first-time exporters and importers get to grips with some commonly-used yet often misunderstood key terms, Business Advice asks what is a bill of exchange, and why can they be … View image of a "Bogus Sight Draft" (230K JPG file, uploaded 12/12/2002). The vendor can request that the bill be sent back-> Draft paper bill. more Who Uses an … at: value received and charge the same to the account of ... Pay this . Seller (X) is in Toronto, Canada; Buyer (Y) is in Frankfurt, Germany Pay this . It is a negotiable instrument.