Are you a business who deals with exporters and/or importers and are not sure what the key features of a bill of exchange are? If so, our experts will provide straight forward advise on a bill of exchange and tell you a number of key details on the bill of exchange.
The traditional bill of exchange will contain a number of key features, such as the following:
- firstly, a bill of exchange will contain an unconditional order to pay a determined amount of money – details will include the name of the person, or company, who must pay the determined amount of money;
- secondly, a bill of exchange will outline the place or jurisdiction where payment is to be made – details will include the name of the person or company to whom payment is to be made;
- thirdly, a bill of exchange will outline the date and place where the bill was issued; and
- finally, a bill of exchange will include the signature of the party who issues the bill.
Our experts can also advise you on another important feature of a bill of exchange – the parties to a bill of exchange:
- drawer: the person who makes the bill of exchange, or who gives the order to pay a certain sum of money, is the drawer of the instrument;
- drawee: the person who accepts the bill of exchange, or who is directed to pay a certain sum, is called drawee; and
- payee: the person receiving payment is called the payee, who can be a designated person or the drawer himself.
Francis Wilks & Jones are a leading firm when it comes to advising on what are the features of a bill of exchange. We are experts in all matters relating to bills of exchange and all related queries. We can help your company deal with exporters and/or importers to and help guide you through what the features are with a bill of exchange.
