Bill of exchange Definition

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GLOSSARY

/bɪl/ /ɒv/ /ɪksˈtʃeɪndʒ/

Published by a UU��ֱ�� Commercial expert

What does Bill of exchange mean?

A bill of exchange is an unconditional order in writing requiring the person to whom it is addressed to pay a sum certain to a specified person or to the bearer.

Under the Bills of Exchange Act 1882, a bill of exchange is specifically defined as an unconditional order to pay in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer (that is, the person in possession of a bill which is payable to bearer).

Commercial

A bill of exchange is an unconditional order in writing requiring the person to whom it is addressed to pay a sum certain to a specified person or to the bearer.

Under the Bills of Exchange Act 1882, a bill of exchange is specifically defined as an unconditional order to pay in writing, addressed by one person to another, signed

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Trading disclosures

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Characteristics of standby letters of credit

Standby letters of credit were first developed in the US to get round the inability of US banks to issue guarantees. Outside of the US, it is more common to use an on demand guarantee or bond (see Practice Note: On demand guarantees and bonds) rather than a standby letter of credit.Standby letters of credit are a type of letter of credit.The common feature of all letters of credit is an undertaking by a bank to pay the beneficiary of the letter of credit a specific sum within a specified time limit against the presentation of specific documents in accordance with the terms of the letter of credit.Letters of credit can be either:•commercial letters of credit (also known as traditional letters of credit), or•standby letters of credit (also known as standby credits)The purpose of a letter of credit determines which category it falls into.Standby letters of creditCommercial letters of creditUseUsed in similar circumstances to on demand guarantees or performance bondsUsed in relation to the movement of goods in the context...

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GLOSSARY