Bill of Exchange

Posted in Finance, Accounting and Economics Terms, Total Reads: 2608

Definition: Bill of Exchange

Bill of exchange is a term common with the normal routine trade of goods. It refers to a contract between two parties generally a seller and a buyer which binds one of the parties to make a specified payment at a specified future date.

It should be noted that these are non-interest bearing bills and are generally common when a buyer promises to make the payment on receipt of goods while the goods are in transit.

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