time draft
Definition
Bill of exchange payable at a fixed future date or a determinable future time such as 30 days after presentation (after sight). The purpose of a time draft is to allow the buyer some time to pay for goods bought. In contrast, a sight draft becomes payable at the time it is presented to the buyer. Also called usance draft.
time draft is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
time draft appears in the definitions of the following terms: deferred payment letter of credit (L/C), collection letter, time credit, draft, collection item, tenor, collection, advance against collection, bill presentment and collecting bank
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