bill of exchange

Definitions

Accounting

  • noun a document, signed by the person authorising it, which tells another person or a financial institution to pay money unconditionally to a named person on a specific date

Economics

  • noun a document signed by the person authorising it, which tells another to pay money unconditionally to a named person on a certain date. It is usually used in payments in foreign currency. The person raising the bill is the drawer, the person who accepts it is the drawee. The seller can then sell the bill at a discount to raise cash. This is called a trade bill. A bill can also be accepted (i.e. guaranteed) by a bank.

Law

  • noun a document ordering the person to whom it is directed to pay a person money on demand or at a specified date

Real Estate

  • noun a document setting out an instruction to pay a particular person a fixed sum of money on a particular date or when the person requests payment

Travel

  • noun a document signed by the person authorising it, which tells, e.g. a bank to pay money unconditionally to a named person on a particular date

Business

  • acronymBOE
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