Mr. Divya Aggarwal
Senior Copy Editor
Money Management Consultants Ltd
New Delhi, India
Free Member
Joined :05/11/2007
No of Topics Posted : 113
Reply/Comments : 18
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TOPIC : Bills of Exchange (Drafts)
The bill of exchange, commonly referred to as the draft or the bill, is an unconditional order in writing, signed and addressed by the drawer (the exporter usually) to the drawee (the confirming bank or the issuing bank usually), requiring the drawee to pay the drawer a certain sum of money at sight or at a fixed or determinable future time.
The draft is widely used in international trade, most frequently in the payment against a letter of credit (L/C). It is also used in the open account without any L/C involved. It is generally interchangeable with the word "draft."
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