export drafts

export drafts
When a domestic seller and foreign buyer complete a trade transaction, the actual exchange of documents for payment is usually handled by banks. To carry out the financial end of the transaction, the parties often use an "export draft" or "bill of exchange." An export draft is an unconditional order, drawn by the seller upon the buyer, directing the buyer to pay the face amount of the draft, either when it is presented (a sight draft) or at a specified future date (a time draft or usance). The draft is usually made payable to the order of the seller-or to the order of the seller's bank

Black's law dictionary. . 1990.

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