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A bill of exchange is a written order binding one party to pay a fixed sum of money to another party on demand or at a predetermined date.
A bill of exchange, a short-term negotiable instrument, is a signed, unconditional, written order binding one party to pay a fixed sum of money to another party on demand or at a predetermined date. A bill of exchange is sometimes called draft or draught, but draft usually applies to domestic transactions only.
What is Bills of Exchange? Bills of Exchange are documents in writing signed by the maker, promising timely payment for the products bought or used. The payment could be made either on demand or within a predetermined period as specified in the bill.
A bill of exchange is a written commitment to pay a specific amount of money to a person indicated in the document. It can be used in transactions between companies or individuals. A bill of exchange serves as a guarantee. It gives the creditor confidence that, in the event of non-compliance with the agreement, he will be able to demand payment ...
A bill of exchange is a fundamental element of international trade, functioning as a written order that binds one party to pay a fixed sum of money to another party, either on demand or at a predetermined date.
A Bill Of Exchange is an unconditional order in writing, addressed by one person (the drawer) to another (the drawee), signed by the drawer, requiring the drawee to pay on demand a certain sum in money to, or to the order of, a certain person (the payee).
Meaning of Bill of Exchange. According to the Negotiable Instruments Act 1881, a bill of exchange is defined as “an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument”.
bill of exchange, 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.
A bill of exchange is a written agreement between two parties—the buyer and the seller. It is primarily used in international trade. The bill documents that a purchasing...
The primary purpose of a bill of exchange is to provide a promise of payment from one party to another in international transactions. Similar financial instruments also exist for domestic transactions, though these are typically referred to as a draft.