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A standing order (or a standing instruction) is an instruction a bank account holder ("the payer") gives to their bank to pay a set amount at regular intervals to another's ("the payee's") account. The instruction is sometimes known as a banker's order. They are typically used to pay rent, mortgage or any other fixed regular payments.
A banker's acceptance is a document issued by a bank institution that represents a bank's commitment to make a requested future payment. The request will typically specify the payee, the amount, and the date on which it is eligible for payment. After acceptance, the request becomes an unconditional liability of the bank.
Placing a take-out or eat-in order at a restaurant is a spoken purchase order. Putting gasoline in one's tank at a filling station is an implied order. The seller usually expects immediate payment by cash, check or credit card for these purchases, and the seller provides the buyer with a receipt for the payment.
A goodwill letter should be written formally, showing your lender that you take your late payment seriously. It shows respect for the process and a willingness to act professionally, which can ...
Under UCC 3-104, a draft has been defined as a negotiable instrument in the form of an order. [2] [3] The person making the order is known as the drawer and the person specified in the order is called the drawee, as defined in the UCC 3–103. The party who creates the draft is called the maker, and the party who is ordered to pay is called the ...
When a cheque is mailed, a separate letter or "remittance advice" may be attached to inform the recipient of the purpose of the cheque – formally, which account receivable to credit the funds to. This is frequently done formally using a provided slip when paying a bill, or informally via a letter when sending an ad hoc cheque.