A bill of exchange is a written order binding one party to pay a fixed sum of money to another party on demand or at some point in the future.
A bill of exchange often includes three parties—the drawee is the party that pays the sum, the payee receives that sum, and the drawer is the one that obliges the drawee to pay the payee.
A bill of exchange is used in international trade to help importers and exporters fulfill transactions. While a bill of exchange is not a contract itself, the involved parties can use it to specify the terms of a transaction, such as the credit terms and the rate of accrued interest.
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