Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

international bill of exchange

Read a random definition: taxable gift

A quick definition of international bill of exchange:

An international bill of exchange is a written order that one person gives to another person to pay a certain amount of money to a third person. It's like a check, but it can be used in different countries. There are different types of drafts, like a clean draft with no shipping documents, or a demand draft that is payable on demand. Sometimes, people are forced to join the military through a draft. To draft also means to write or compose something, or to recruit someone for a task.

A more thorough explanation:

An international bill of exchange is a written order signed by one person, called the drawer, directing another person, called the drawee or payor, to pay a certain amount of money to a third person, called the payee or bearer. It is a type of foreign draft that is payable in another country or state.

For example, if a company in the United States sells goods to a company in Japan, the seller can use an international bill of exchange to receive payment from the buyer. The seller would write the order, and the buyer's bank would pay the amount to the seller's bank or the seller directly.

Other types of drafts include:

  • Clean draft: A draft with no shipping documents attached.
  • Demand draft: A draft that is payable on the bearer's demand or on proper presentment to the drawer.
  • Documentary draft: A payment demand conditioned on the presentation of a document, such as a document of title, invoice, certificate, or notice of default.
  • Export draft: A draft drawn by a domestic seller on a foreign buyer, directing the buyer to pay the trade amount to the seller or the seller's bank.
  • Inland draft: A draft drawn and payable in the same state or country.
  • Time draft: A draft that contains a specified payment date.
  • Trade draft: A draft that instructs a commercial enterprise or its agent to pay the amount specified.

Overall, a bill of exchange is a useful tool for international trade and commerce, allowing for secure and efficient payment transactions between parties in different countries.

International Bank for Reconstruction and Development | International Bureau for the Protection of Intellectual Property

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
for sure!! ur gonna do great :)
Dkk
15:46
Woo, it took almost 24 hours but my butthole is feeling good again! Just wanted to update y'all on my struggle.
[] baddestbunny
15:52
Ew
Dkk
15:56
Lmfao
soap
16:58
Thank you for the update
Dkk
17:04
Welcome.
Holding out strong for that 11 p.m. Sunday night wave.
soap
17:20
Do the admissions offices close on Veterans Day?
I think someone here was really interested in Cornell Law. I forgot their username now but I just talked to the Cornell admissions rep at the Houston LSAC fair and apparently 2/3 of people who interview at Cornell ultimately get in.
soap
17:21
Hello 🫡
soap
17:21
Thank you for your service, you’re a real one
soap
17:23
I wonder what it’s dependent on? Are the 2/3 chosen on stats, or interview performance, or more holistically?
I'm honestly not sure
[] baddestbunny
17:31
is Cornell a school where only people who interview get in?
I think so
She said historically a quarter get interview invites and then two thirds of those people get in.
soap
17:35
Did she say anything regarding if decisions will start to come out soon?
17:47
username changed
17:51
cockenheimer
17:56
when u boutta detonate some bomb dick u be like
17:56
cockenheimer
[] baddestbunny
17:57
sloppenheimer
17:58
*tips cap*
17:58
m'lady ahh gesture
18:04
seing smells rn
18:04
and smelling sights
@soap: I asked and she did not have an answer
soap
18:10
aw man. I hope it’s soon…
I'm sure it will be
[] baddestbunny
18:26
how soon is now
LSD+ is ad-free, with DMs, discounts, case briefs & more.