Home   Blog   Acknowledge the Key Elements of the Bills Of Exchange

Acknowledge the Key Elements of the Bills Of Exchange

By: Naveed Anjum Posted on Tue, 02-02-2016

A bill of exchange is a legally written document that is organized by one party to the other in order to make a certain amount of payment either as soon as possible or within a limited time frame for the payment of goods or services that have been received. One party accepts the bill therefore, converting it into a post-dated check or making it a binding contract. A bill of exchange is often also known as a draft but all drafts are not negotiable. These are mostly used to finance trade to achieve credit.

In Portugal, the term bills of exchange are mostly used in banks. Here, it is designed for clearing the different payment transactions within a specified amount which are carried out in the form of cheques, bills of exchange, direct debits, credit transfers and also bank cards. If you want to know more about the bills of exchange here in Portugal, make use of the Portuguese Bills Of Exchange Translation Services.

Detailed information can be achieved from several books that are available in every store. Portuguese, being a difficult language, several people are unable to read or understand it. Here, you can hire the Document Translation Services that will make it much easier for everyone to understand. The bills of exchange can be categorized on the basis of place, purpose, document, parties and time. Let’s look at the details.

On The Basis Of Place

These bills can be known as either island bill or foreign bill. In an island bill, both the parties belong to the same country while in a foreign bill; the parties are from two different countries. An island bill can be used for trade or accommodation whereas the foreign bill is used for trade purposes only.

On The Basis Of Purpose

As it is known, that the bills can be for either trade or accommodation. A trade bill is used to complete a genuine trade transaction while an accommodation bill is used to raise funds between both the parties and also for the purpose of giving rebates in the money market. There are a lot of people who cannot understand the Portuguese language. What you can do here, is take advantage of the Portuguese Translation Services.  

Documentary Bill

A documentary bill is that bill which is grouped with trade documents. If a bill is not attached to any document that means it is a clean bill. When one of the parties sends an acceptance bill to the other party, the following documents need to be included such as bill of lading, consular invoice, origin certificate and also a copy of the insurance policy. Portuguese Bills Of Exchange Translation can be extremely helpful for those people who are highly interested in the details about the bills of exchange in Portugal.

On The Basis Of Parties

When a bill is made to be paid to a specific person especially whose name is written on the bill, it is called an order bill. The only way that this bill can be transferred is either by approval or delivering the bill. The bearer bill, on the other hand, is made payable to any person who has the bill but has to be paid before the date expires

Time Bill

A bill that is paid after the date has expired is known as the time bill while the bill paid on demand is called the demand bill. A demand bill is often made in the form of a cheque.

Bills of exchange are very similar to cheques or promissory notes. If a bank issues these bills, they can be known as bank drafts. But if a party issues these bills, there can be referred to as trade drafts. If you have clients that belong to the other regions, you can make use of the Portuguese Bills Of Exchange Translation Services.

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