5. Bill of Exchange / Draft
- Bill of exchange and draft have the same meaning and it is a financial document.
- Bill of exchange defined as an unconditional order 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 specified person, person, or to bearer. - There are two main international law exist that govern the bill of exchange as a financial
instrument in international trade transactions. Bills of Exchange Act (1882) and Geneva
Conventions (1930). - For detailed information please visit our bill of exchange page.
