A bill of exchange traditionally involves up to three parties. The three parties to a bill of exchange are the following:
- the drawee is the party that pays the sum specified by the bill of exchange;
- the payee is the one who receives that sum under the bill of exchange; and
- the drawer is the party that obliges the drawee to pay the payee.
Another key aspect of a bill of exchange is that you do not pay interest, making them in essence post-dated cheques. A bill of exchange may accrue interest if not paid by a certain date, however, if this is the case then the interest rate must be specified in the bill of exchange.
Our expert team on Bill of Exchange solicitors at Francis Wilks & Jones are here to help you with any issues you might be facing. Our knowledge on Bills of Exchange is very broad and we have dealt with many enquiries. Our practical experience and legal expertise means that we can assist whatever the nature of your Bill of Exchange enquiry. Contact one of our expert friendly Bill of Exchange lawyers now for your confidential consultation.