BILL OF EXCHANGE


Meaning of BILL OF EXCHANGE in English

Short-term negotiable financial instrument consisting of a written order addressed by the seller of goods to the buyer requiring the latter to pay a certain sum of money on demand or at a future time.

Bills of exchange are often used in international transactions, and the holder of such a bill may redeem it in cash immediately by selling it to a bank at a discount. Bills of exchange used in domestic transactions are sometimes called drafts. See also promissory note .

Britannica Concise Encyclopedia.      Краткая энциклопедия Британика.