Instruments of International Settlements.pptVIP

Unit 9. Instruments of International Settlements In international trade practice, the buyer is obliged to make payment to the seller. The instruments (or bills) used for payment or transfer of money in international trade practice, including draft, promissory note, and check. I. Draft (Bill of Exchange) (汇票) A. The definition of the draft Definition-A bill of exchange (draft) is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future