The main types of financial documents are:
-bills of exchange (drafts),
-telegraphic and mail transfers,
-letters of credit,
The bill of exchange or draft (often abbreviated as BE) is an order in writing form addressed by one person to another, signed by the person giving it (drawer) and requiring the person to whom it is addressed (drawee) to pay on demand or at a fixed or determinable time, a certain sum of money to, or to the order of specified person (payee) or to bearer
To put it simple, a bill of exchange is an order addressed by one person to another obliging the latter to pay a specified sum of money.
One should note that the bill is due three days later than the four months` time stipulated in the contract-these three extra days according to an old English tradition are cold days of grace.
Слова из урока 1
Bills of exchange
Letters of credit
Pay on demand
Specified sum of money
Days of grace