As per Article 544, acceptance by intervention shall take place in all cases where the holder of an acceptable bill of exchange
has a right of recourse prior to the maturity date.
1) Process the International Bill of Exchange
through the collection department of your bank.
To recall, the decision to provide the CB with a bill of exchange
in the amount of 77.
Here's how it was formulated in Article 270 of the Romanian Commercial Code the definition of bill of exchange
: "the bill of exchange
including the bond of paiment or the bond the pay to be done at maturity the estabilised amount to the person which appearance.
10) A draft is a bill of exchange
where the issuer (drawer) requires another (the drawee) to repay the sum on the bill by the due date.
And just as there are two ways of paying the money to the banker, there are also two ways in which he can pay: one, in cash; the other, without utilizing currency and by doing one of the following: by transferring the amount to the bank account of one of the bank's debtors, from where it shall be charged; by furnishing a bill of exchange
for a place where the creditor prefers; by setting up the bank as debtor for that sum in relation to the creditor who wishes the money to be paid into the account he has in the bank, or in relation to others to whom the creditor transfers the credit and they prefer to enter the amount into their bank account, or pay with it a debt that they have with the bank.
At the Central Bank, a standard bill of exchange
and a large value-transfer system were established in 2003 enabled the institution to have a payments system meeting all international standards.
The strength of a bill of exchange
, providing it is carefully and correctly drawn up, is that it provides a high ``comfort factor'' to those responsible for company finances, offering good risk management and the possibility of improved cash flow.
Most important for enhancing liquidity in the rapidly expanding English economy was the remarkable transition carried out by the common law courts in the early seventeenth century through which "the bill of exchange
came to have legal effect independent of the transaction in which it was issued" (pp.
Although signed bills of exchange are a good method of payment for transactions within a given country, a bill of exchange
used to pay foreign vendors is another matter.