Bills of exchange for acceptance and payment

Why use bills of exchange?

As a range of payment methods are available for the sale of goods and services, the following 6 advantages are enjoyed:

• Concrete legal evidence.
• Mutually accepted amount and date.
• Discounting facility.
• Easy remittance.
• Transferrable.
• Full credit period.

Forms of bills of exchange

There are 2 main types of bills of exchange, which are as follows:

Sight bill – The drawee is required to make immediate payment.

Time bill – The drawee is required to make payment at a future date.

Dishonoured bills of exchange

If a bill is left unpaid, we are able to assist you with protesting a dishonoured bill of exchange. This will be handled either as non-acceptance or non-payment according to formal procedure and the outcome of your case. Noting a dishonoured bill using notary services would also ensure that you can protest the bill at a later date by taking appropriate legal action.