Bills of exchange (drafts)

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TOPIC : Bills of Exchange (Drafts)

Posted on 09 June 2007 at 15:54:00

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."

Mr. Divya Aggarwal

Money Management Consultants Ltd

Senior Copy Editor, Money Management Consultants Ltd
New Delhi, India

Free Member, Joined :05/11/2007
No of Topics Posted : 113
Reply/Comments : 14

Re: Bills of Exchange (Drafts)

Posted on 24 August 2008 at 11:01:00 [Message #1458 ]

I hope u will also post another terms for export biz by this way new export supplier or new beginner can understand words,I hope u should give details of all terms
Thanking u

Mr. Nilesh Gopaldas Sharma

Gaaruzash Multy Tech

Proprietor, Gaaruzash Multy Tech
Gandhinagar, India

Free Member, Joined :12/12/2007
No of Topics Posted : 2
Reply/Comments : 9

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