An unconditional order in writing, issued by the seller ( drawer) instructing the buyer ( drawee) to pay the seller's bank ( payee) a specified amount (normally the full invoice value) on demand ( at sight) or at a fixed or determinable future time. A suitable form can be obtained from the seller's bank, or drawn up on a blank sheet of paper.
A negotiable instrument used as a method of raising funds by promising to make payment at a future date.
A written instruction signed by the drawer requiring a specific sum of money to be paid to a beneficiary by the drawer. Depending on the type of bill of exchange, the payment may be made on demand or in some cases, at a determined future date.
A bill of exchange is a signed written order, instructing the person it is addressed to to pay an amount of money to someone. A cheque is a type of a bill of exchange.
An order by one person for a second person to pay a third.
An unconditional order in writing requiring the party to whom it is addressed to pay a certain sum on a fixed date in the future. Bills of exchange are negotiable instruments, usually maturing within six months, and sold at a discount to face value. The party to whom the bill is addressed, and who accepts it, is known as the acceptor and assumes primary liability to pay on maturity the face value of the bill to its holder. The drawer who issues the bill is liable should the acceptor fail to pay. If the bill has been endorsed by a third party, such as a bank, the endorser is liable should both the acceptor and the drawer fail to pay. See also Bank Bill.
Written document in which a supplier is guaranteed payment of a specified amount by a drawee by a fixed date. The drawee is generally the customer but is likely to be the customer's bank if the bill of exchange is used with a term letter of credit (see Letter of credit). The bill can request immediate payment ("at sight" or "on demand"). It can specify payment at a later date ("the term"). Drawees become legally liable for payment once they accept (agree to pay) the bill.
a document ordering the payment of money; drawn by one person or bank on another
a negotiable demand for payment, as is a check
a negotiable instrument, signed and issued by the drawer, who authorizes the drawee to pay unconditionally a sum certain in money to the payee or the holder at sight or on a specified date
a negotiable security signed and dated by the issuer (the drawer)
a negotiable written order for payment of a specified sum to a designated person
an in- strument by which a party who is owed money by another party, and accords to him the benefit of delay in payment, for a fixed period, draws on him in a form of order to that effect
an order drawn on a person, in a distant place, requesting or directing him to pay money to some person assigned by the drawer, or to his order, in consideration of the same sum received by the drawer
a signed, written order prepared by one party (drawer) who instructs another party (drawee) to pay a specified sum to a third party (payee)
a written, dated, and signed instrument that contains an unconditional order from the drawer that directs the drawee to pay a definite sum of money to a payee on demand or at a specified future date
a written order from Person A, the drawer, directing Person B, the drawee, to pay Person C, the holder, a certain sum of money
a written order, made by one party (the drawer) to a second party (the drawee) directing the second party to pay to a third party (the payee) a certain specified sum of money at a certain specified time
Written order to pay a sum of money on a specific date to the issuer or a named payee.
A negotiable instrument that is drawn on the importer/obligor by the exporter and accepted by the importer/obligor and returned to the exporter as the payment mechanism for the underlying obligation of the importer. Value can be transferred by endorsement.
An unconditional order written and signed by one person (the drawer) and addressed to another person (the drawee). The order instructs the drawee to pay a specified sum of money to a specified person (the payee) to the bearer, either on demand or at a specified future date. The drawee must `accept' the bill (accept liability to pay the amount when the bill matures) by signing the face of the bill. The bill then becomes an `acceptance'. A bill of exchange is a negotiable instrument: the payee can turn it to account immediately by selling it, usually at a discount, to a bank or to some other person. A cheque is a special form of bill of exchange, with a clearing bank as the drawee.
A written order issued and signed by one party and addressed to another, requiring the addressee to pay on demand, or at a fixed or determinable future time, the amount of the bill to or to the order of a specified party, or to the bearer. Usually submitted with shipping documents.
A negotiable instrument (q.v.) in which the drawer orders the drawee to pay a sum of money on a specified date to either the drawer or a third person (the payee).
An instrument similar to a time or sight draft which the buyer signs. This is acknowledgement of debt for the goods he is buying.
A bill made out by one party addressed to another requiring the addressee to pay a fixed sum of money by a certain date. The bill is then traded on the money markets.
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 fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.
banking) An unconditional order in writing, signed by a person (drawer) such as a buyer, and addresser to another person (drawee), typically a bank, ordering the drawee to pay a stated sum of money to yet another person (payee), often a seller, on demand or at a fixed or determinable future time.
A document whereby a creditor orders a debtor to pay a certain amount at a certain maturity date. This order is not valid unless it is accepted by the debtor, who is also called, therefore the acceptor.
The most commonly-used financial instrument in international trade. An unconditional payment demand for a specific sum of money, payable either at sight or at a specified future date. This is drawn up by the seller and presented to the buyer. This is sometimes called ¡°the draft.
An order in writing by one person to another to pay a specified sum to a specified person or bearer on a particular date. The person making the order or drawing the bill is known as the drawer. The person to whom the bill is addressed is the drawee (for example a bank) and the person to whom the bill is payable is the payee.
A written order, for instance a check, from one person (the payor) to another (the payee), signed by the payor. It requires the person to whom it is addressed to pay (on demand or at some fixed future date), a certain sum of money, to either the person identified as payee or to any person presenting the bill of exchange. A check is a bill of exchange giving the order to pay to a bank.
A written order, which may be negotiable or non-negotiable, directing one party to pay a certain sum of money to the drawer or to a third person.
A written order for payment. It is usually referred to as a draft.
order in writing from one person or firm to another requiring them to pay a certain sum to a person named.
A paper document indicating that one party (the drawee) agrees to pay the drawer the sum of money noted on the bill on demand or on a specified date e.g. a bank note, or a cheque.
A instrument of payment drawn by a seller ("the Drawer") on his buyer ("the Drawee") whereby the buyer accepts his obligation to pay a given or calculable sum of money at a fixed or determinable future.
A written order to pay a sum of money on a given date to the drawer or to a named payee.
An unconditional order in writing to pay a certain sum of money to a named person.
In the United States, commonly known as a "Draft." However, bill of exchange is the correct term.
A draft used in international trade.
A signed, written order by one business that instructs another business to pay a third business a specific amount. Also called a draft.
A bill of exchange is a document addressed by the exporter to the importer requiring the importer to pay a sum of money. A term bill requires payment at a future date, whereas a sight draft must be settled immediately.
A negotiable instrument, whereby the party to whom it is addressed unconditionally agrees to pay a certain sum on a fixed date in the future.
A written order from one person (the payor) to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at some fixed future date, a certain sum of money, to either the person identified as payee or to any person presenting the bill of exchange. A check is a form of bill of exchange where the order is given to a bank.
