Trade acceptance

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Related to Accepted Draft: bank acceptance, Draft Bill of Exchange

Trade acceptance

Written demand that has been accepted by an industrial company to pay a given sum at a future date. Related: Banker's acceptance.

Trade Acceptance

A bill of exchange that has not been countersigned by the drawee's bank. A trade acceptance is presented as payment for a good or service. It is only as valuable as the drawee's creditworthiness. It is also called an accepted bill of exchange, an accepted draft, or a trade bill.
References in periodicals archive ?
The New York branch purchased the accepted draft from us at a discount, wired the funds to us, and we shipped the next load of material to the customer.
Sison said both sides had accepted drafts of the agreement for the first part of Caser, Agrarian Reform and Rural Development and its second part, National Industrialization and Economic Development.
These guarantees are transaction-specific and may be evidenced by a variety of underlying instruments such as: letters of credit, trade-related promissory notes, accepted drafts, bills of exchange, guarantees, bid and performance bonds and advance payment guarantees.