A Bill of exchange is a written, unconditional order by one party (the drawer) to another party (the drawee) to pay a specified sum of money to a third party (the payee) at a predetermined date or on demand. The bill of exchange serves as a promise to pay and acts as a credit instrument,…
A credit instrument is a written document that serves as evidence of a debt, such as a bill of exchange promissory note, bond, loan, cheque, or invoice. A Bill of exchange is a written, unconditional order by one party (the drawer) to another party (the drawee) to pay a specified sum of money to a…
The term of a bill is the payment term, and the due date is the date on which the bill is payable. The payment term is the period for which the bill is payable. For example, a bill may be due 30 days, 45 days, or 60 days after the invoice date, after sight or…