Chapter 6 International Payment and Settlement 国际贸易实务双语教程（课件PPT）.pptVIP

Bill of Exchange (Draft, Bill) Definition Contents The Classification of the Draft Procedure of Using a Bill of Exchange Promissory Note Definition Classification The Involved Parties The Differences of the Promissory Note and the Bill of Exchange Promissory Note Definition The promissory note is an unconditional promise in writing made by one person (the maker) to another (the payee) and signed by the maker engaging to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or bearer. --from Bills of Exchange Act 1882 of the United Kingdom Promissory Note Definition The promissory note is the note issued by the drawer, promising to make unconditionally a definite sum of money to the payee or the note holder at sight of the note. It is stipulated in Negotiable Instruments Law of the People’s Republic of China that the promissory note is named as the bank promissory note, issued and signed by the central bank of China or other financial institutions. --from The Negotiable Instruments Law of the People’s Republic of China Promissory Note Classification Commercial promissory notes / general promissory notes -- drawn by the commercial firms. -- sight promissory note and time promissory note. Bank promissory notes -- issued and signed by banks. Promissory Note The Involved Parties the drawer the payee Promissory Note The Differences of the Promissory Note and the Bill of Exchange The promissory note is a promise made by the drawer to make payment to the note holder; the B/E is an order made by one party to the other party requiring it to make payment. There are only 2 parties in a promissory note, but 3 parties in a B/E. The drawer of a promissory note is the payer, and a time promissory note