Bill of exchange

Bill of exchange
Aform of short-term promise to pay widely used to finance trade and provide credit. It is an instruction by the drawer to the person accepting the bill of exchange to make a payment to a third party. It differs from a promissory note in that a promissory note is a promise by one party to make a payment. It differs from a letter of credit in that a letter of credit is payable only against presentation of documents (and is usually issued by a bank at the request of a customer).

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