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BILL OF EXCHANGE ... of the First of Exchange (Second unpaid). Pay to the order of Standard Chartered Bank (Vietnam) Limited the sum of (amount in words).

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How to fill out bill of exchange?

1. Write the word "Bill of Exchange" prominently at the top of the document.
2. Include the date on which the bill of exchange is being issued.
3. Provide the details of the drawer, who is the person issuing the bill of exchange, including their name and address.
4. Specify the payee, who is the person or company that will receive the payment, by providing their name and address.
5. State the amount of money being exchanged clearly and in both numerical and written forms.
6. Include the due date or maturity date, when the payment is expected to be made.
7. Outline any special conditions or terms of the bill of exchange, such as discounts, interest rates, or any additional instructions.
8. Sign the bill of exchange at the bottom, indicating the approval and agreement of the drawer.

Who needs bill of exchange?

1. Businesses engaged in international trade often use bills of exchange as a method of payment and ensuring payment security.
2. Importers and exporters rely on bills of exchange to facilitate the smooth exchange of goods and payments across borders.
3. Banks and financial institutions play a significant role in handling bills of exchange, acting as intermediaries between the parties involved.
4. Individuals or companies that provide goods or services on credit may use bills of exchange to solidify the payment terms and ensure timely payment.
5. Governments and governmental agencies may also use bills of exchange for various financial transactions, such as loans or payments to foreign entities.

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What is bill of exchange?

A bill of exchange is a financial instrument that is an unconditional written order from one party to another to pay a specified sum of money to a third party on demand or at a predetermined date.

Who is required to file bill of exchange?

Typically, the drawer (the person who creates the bill) is required to file a bill of exchange, but it can also involve the acceptor and payee depending on the specific transaction.

How to fill out bill of exchange?

To fill out a bill of exchange, you need to include the date, the names and addresses of the drawer and payee, the amount to be paid, the payment due date, a statement of payment upon demand or at a certain date, and the signature of the drawer.

What is the purpose of bill of exchange?

The purpose of a bill of exchange is to facilitate trade and financial transactions by providing a secure method for transferring money and credit between parties.

What information must be reported on bill of exchange?

A bill of exchange must include the date, the amount to be paid, the names and addresses of the drawer, payee, and acceptor, the due date of payment, and the signatures of the relevant parties.