Archivo febrero, 2004

What is a draft in international trade?

In an international trade law framework, a Draft of Bill of Exchange is a negotiable instrument that is payable to the seller and drawn on the issuing bank and/or the buyer. Drafts can be either “sight drafts” where the bank pays the full amount of the draft upon the seller’s presentation, or “time drafts” where the bank’s obligation at the time of presentation is merely to accept the draft for payment at a later date.

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