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Banker's acceptances date back to the 12th century when they emerged as a means to finance uncertain trade, as banks bought bills of exchange at a discount. During the 18th and 19th centuries, there was an active market for sterling banker's acceptances in London.
Belgian bill of exchange, 1933. A bill of exchange is essentially an order made by one person to another to pay money to a third person. A bill of exchange requires in its inception three parties—the drawer, the drawee, and the payee. The person who draws the bill is called the drawer. He gives the order to pay money to the third party.
The documents, however, are only released to the buyer after payment has been made ("Documents against Payment") or payment undertaking has been given - the buyer has accepted a bill of exchange issued by the seller and payable at a certain date in the future (maturity date) ("Documents against Acceptance").
Under the arrangement the issuing company presents bills of exchange to the bank for acceptance, confirmation and sale at a discount to face value (representing the finance cost until maturity). The discounted sum is made available to the issuing company until the bill's maturity when it is obliged to repay the bill's full face value to the bank.
Originally the government of the Tang dynasty was less than receptive to the idea of bills of exchange and had attempted banning them on multiple occasions, but in 812 flying cash were officially accepted as a valid means of exchange. After the government had accepted these bills the supervision of flying cash was handled by the Ministry of ...
KANSAS CITY, Mo. — Wyandotte County commissioners have approved a bill of sale and property exchange for the first Buc-ee’s in Kansas. Commissioners first passed a resolution, authorizing the ...
Financial documents — bill of exchange, co-accepted draft; Commercial documents — invoice, packing list; Shipping documents — bill of lading (ocean or multi-modal or charter party), airway bill, lorry/truck receipt, railway receipt, CMC other than mate receipt, forwarder cargo receipt
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