Bill of Exchange

A non-interest-bearing written order primarly used in international trade that obligates one party to pay a fixed sum of money to another party at a predetermined future date. This product is transferable and can obligate one party to pay a third party that was not involved in its creation. When issued by a bank, a bill of exchange may be called a bank draft. When issued by an individual, a bill of exchange may be called trade draft as well.

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