TRƯỜNG ĐẠI HỌC NGOẠI THƯƠNG

CƠ SỞ II TẠI THÀNH PHỐ HỒ CHÍ MINH

MIDTERM ASSIGNMENT

BILL OF EXCHANGE

Subject: International Commercial Transaction

Lecturer: Trần Thanh Tâm
Class: K59CLC3

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No. Name Student ID Incharge Evaluation

1 Nguyễn Thị Thu Hà 2011155140 Risk arising + Word 100%

2 Nguyễn Thùy Mỹ Duyên 2011155126 Example 100%

3 Nguyễn Hoàng An 2011155007 Introduction + Questions 100%

4 Đinh Đức Huy 2011155203 Powerpoint 100%

5 Lê Thiều Đức Cảnh 2011155065 Functions 100%

6 Nguyễn Minh Khải 2011115225 Case study 100%

7 Phạm Quốc Huy 2011115214 Present 100%

8 Hà Thiên Hải 2011115144 Related terms 100%

9 Đặng Ngọc Phương Mai 2011156078 Main contents and features 100%

10 Trần Thế Hiển 2011155164 Present 100%

11 Nguyễn Thị Thảo Hằng 2011156065 Present 100%

12 Nguyễn Gia Hân 2011155149 Comparison 100%

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I. Introduction 4
1. What is Bill of Exchange? 4
2. The advantages and disadvantages of Bill of Exchange. 4
II. Classification of Bill of Exchange 5
1. Classification by Documents 5
2. Classification by Time 6
3. Classification by Purpose 6
4. Classification by Place 7
5. Classification by Parties 7
III. Functions of Bill of Exchange 7
IV. Main contents and features of Bill of Exchange 7
1. Main contents: 7
2. Features: 9
V. Related terms of Bill of Exchange 9
1. Maturity of Bill 9
2. Discounting of Bill 10
3. Endorsement of Bill 10
VI. Arising risks and responsive recommendations 10
1. Commercial risks 10
2. Political risks 10
3. Other risks: 11
VII. Examples and Case study 11
1. Example 11
2. Case study 12
VIII. Comparison 13
REFERENCES 16

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 I. Introduction
1. What is Bill of Exchange?
To make payment for the goods sold, buyers can use cash or an instrument of
credit. If they use cash, payment is completed immediately. Whilst, when goods are
sold/bought on credit, the payment is deferred to a future date. In this case, the seller
will wait until the payment is made on the due date to receive the money. But in some
cases, to avoid any possibility of delay or default, an instrument of credit is used
through which the buyer assures the seller that the payment shall be made according to
the agreed conditions. One of these instruments of credit is Bills of Exchange. To sum
up, the Bill of Exchange contains an unconditional order to pay a certain amount on an
agreed date.
A Bill of Exchange is a document in written form presenting a debtor's
indebtedness to a creditor. This Bill is widely used in international trade to pay for
goods or services. A Bill of Exchange itself is not a contract; the involved parties can
use it to fulfill the contract terms. The Bill gives information about whether payment is
due on demand or at a specified future date. Besides, to validate a Bill of Exchange,
the drawee must accept it.
Creditors generally do not earn interest on Bill of Exchange. The Bill may accrue
interest if not paid by a certain date, but the rate must be specified on the instrument.
Conversely, it can be transferred at a discount before the date specified for payment. A
Bill of Exchange must clearly detail the amount of money, the date, and the parties
involved, including the drawer and drawee.
2. The advantages and disadvantages of Bill of Exchange.
a. Advantages:
The Bills of Exchange as instruments of credit are used frequently in business
because of the following advantages:
- Framework for relationships: A Bill of Exchange represents a device which
provides a framework for enabling the credit transaction between the
seller/creditor and buyer/debtor on an agreed basis.
- Certainty of terms and conditions: The creditor knows when he would
receive the money and the debtor is responsible to pay the money by that date.
The reason is that terms and conditions of the relationships between debtor and
creditor such as amount required to be paid; date of payment; interest to be
paid, if any, place of payment are clearly mentioned in the Bill of Exchange.
- Convenient means of credit: A Bill of Exchange enables the buyer to buy the
goods on credit and pay after the period of credit. However, the seller of goods
even after the extension of credit can get payment immediately either by
discounting the Bill with the bank or by endorsing it in favour of a third party.

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 - Conclusive proof: The Bill of Exchange is legal evidence of a credit
transaction, implying thereby that during the course of trade buyer has obtained
credit from the seller of the goods; therefore, he is liable to pay to the seller. In
the event of refusal to make the payment, the law requires the creditor to obtain
a certificate from the Notary to make it conclusive evidence of the happening.
- Easy transferability: A debt can be settled by transferring a Bill of Exchange
through endorsement and delivery
b. Disadvantages of Bill of Exchange:
As instruments of credit, the Bills of Exchange also have some disadvantages as
follows:
- The discount allowed in the Bills of Exchange is also like an additional cost.
- The drawee is liable to pay the Bills in time as the date of payment is fixed.
II. Classification of Bill of Exchange
There are five ways to classify the Bill of Exchange.
1. Classification by Documents
- Documentary Bill:
This Bill of Exchange serves as a bridge between the seller and the buyer to solve
trust issues in foreign trade. By providing relevant documents that affirm the sales
contract, the documentary Bill reduces the risk in overseas trade, where companies
may lack sufficient information such as language, legal system, and economic
condition. The valid documents include a Bill of lading, warehouse receipt, certificate
of origin, packing list, and invoice - necessary documents to receive the goods.
- Documents against payment (At Sight Bill):
The Bill is payable whenever it is presented to the drawee for payment. The buyer
must proceed with the payment to the collecting bank before any shipping and
commercial documents such as Bill of Lading are released. If they don’t make
payment, buyers will not be entitled to receiving Bill of Lading from the bank, and
will not be able to receive the goods at the port.
- Documents against acceptance (Term or Deferred Bill):
The buyer needs to make payment well within a specified time frame. Once the
buyer accepts the time draft, the presenting bank releases the documents to the buyer.
The risk to the seller increases due to the acceptance interval, from the time the buyer
accepts the Bill to the date he actually pays.
Example: At 10 days after sight.
- Clean Bill:
This Bill doesn’t require any proof of documents when the seller sends the Bill of
Exchange. In this case, both the consignment of goods and necessary commercial
documents such as the Bill of Lading are sent directly to the importer so that he could
receive the cargo. The issue can arise because once the buyer receives the commercial

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documents, he can be entitled to receiving the goods at the port immediately without
relying on other documents to be released by the presenting bank. This collection
method increases the risk for seller as there can’t be no sanction imposed on the buyer
shall he fail to make payment after receiving the Bill of Exchange.
Note that a Bill of Exchange only serves as a payment instrument and is used for
other payment methods, such as Collection or Letter of Credit. Here is a typical work
flow of a Clean Bill of Exchange in a Clean Collection method:
1. Both parties sign a sales of goods contract.
2. The seller ships both the goods and necessary commercial documents (Bill of
Lading) to the buyer without getting through any bank.
3. The seller drafts a Bill of Exchange and sends it to the remitting bank.
4. The remitting bank then forwards the Bill of Exchange to the presenting bank in
buyer’s country.
5. The presenting bank notifies the buyer and sends him the Bill of Exchange.
6. Two things can happen here: the buyer either pays immediately or accepts the
Bill (pay later).
7. Presenting bank transfers the payment or accepts Bill back to the Remitting
bank.
8. The remitting bank credits the seller’s account or sends him the accepted Bill.
As you can seen, throughout the eight stages, the buyer, who has the commercial
documents at his disposal, can fully receive the goods from the carrier without
worrying about the financial documents (Bill of Exchange). Therefore, the use of Bill
of Exchange in this case is highly risky for the seller.
2. Classification by Time
- Demand Bill:
Documents are only released if the buyer pays immediately once presented with the
Bill of Exchange.
- Usance Bill:
With no specified date required, the buyer is bound to make payment within a
specified time frame.
3. Classification by Purpose
- Accommodation Bill:
It is a Bill that is drawn and accepted without any specific condition. Unlike the
trade Bill, the accommodation Bill does not involve any commercial transaction or
sales of goods or services. The purpose of this Bill is for monetary support between the
provider and the beneficiary.
- Trade Bill:
Conducted on the basis of a trade transaction, such as the sales and purchase of
goods.

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 4. Classification by Place
- Inland Bill:
Conducted if the seller and the buyer reside in the same country or territory
- Foreign Bill:
The parties in a transaction can reside in different countries. For example, a Bill
drawn in Vietnam and payable in Germany.
5. Classification by Parties
- Order Bill:
This Bill is payable to a specific person whose name is written on the Bill. This can
either be the seller/creditor or any endorsee.
- Bearer Bill:
This Bill is payable to whoever is in possession of the Bill.
III. Functions of Bill of Exchange
As mentioned in the previous part, a Bill of Exchange is an important document in
international trade and finance. They have three main functions:
- A Bill of Exchange is a means of payment in international trade. Long-term
international trading arrangements are vulnerable to Exchange rate fluctuations.
This risk can be managed through the use of Bills of Exchange, which provides
the holders with the assurance of a fixed price.
- Bill of Exchange trading is a means of financing. If a Bill of Exchange specifies
a future date of payment, the drawer can discount and sell the Bill of Exchange
to a third party (usually a bank) in return for immediate payment. The third
party will then, as holder, receive the ordered payment from the drawee when it
falls due.
- A Bill of Exchange is evidence of payment owed by the drawee to the relevant
payee.
IV. Main contents and features of Bill of Exchange
1. Main contents:
- Title: The title must be given as “Bill of Exchange” or “Draft”.
- Place and date: The place in which the Bill is drawn is in the country of the
drawer. And the date on which it is drawn must not be earlier than the Letter of
Credit (L/C) opening date and within the validity period of L/C. This date plays
an important role in determining the maturity date of the Bill. And this place
and date are written on the top right corner of the Bill.
- Term: It is the time period between the date on which a Bill is drawn and the
date on which it is payable. And this should be specified in the body of the Bill.
The days of grace are the three extra days added to the period of the Bill. And
the date of maturity will come after adding three days of grace to the period of
the Bill.

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 - The Bill of Exchange can be payable at sight or after a certain period. And this
must be included in the body of the Bill.
- Amount: The amount of the Bill is given twice in the Bill, both in figures and
words. The amount in figures should be mentioned in the top left corner of the
Bill and the one in words should be mentioned in the body of the Bill. If there is
any difference between the figures and words, then we must base on the one in
words.
- Place of payment: It should be mentioned in the Bill. But if not stated, it will be
payable at the address of the drawee.
- Parties: A Bill of Exchange often includes three parties: drawer, drawee, and
payee.
o Drawer: A Bill of Exchange is drawn upon the buyer (debtor) by the
seller (creditor). The drawer is the person who makes and draws the Bill.
The drawer’s name and address are included in the Bill. Their signature
must be handwritten and located in the bottom right corner.
o Drawee: The person upon whom the Bill of Exchange is drawn is known
as the drawee. This is the one who needs to pay the sum specified by the
Bill of Exchange. The drawee of a Bill is called the acceptor when he
writes the words “accepted” and puts his signature on it. This stage is
known as acceptance. After the acceptance process, the Bill of Exchange
becomes a legal document. This document now binds the drawee to
honor the Bill on the due date. The drawee’s name and address also need
to be mentioned in the bottom left corner.
o Payee: The person to receive that sum is known as the payee. The drawer
and the payee are the same entity unless the drawer transfers the Bill of
Exchange to a third-party payee. The payee may change in the following
situations:
(a) In case the drawer has got the Bill discounted, the person who has
discounted the Bill will become the payee;
(b) In case the Bill is endorsed in favour of a creditor of the drawer, the
creditor will become the payee.
Example: Normally, the drawer and the payee is the same person. For example,
Mary sold goods worth $50,000 to John and drew a Bill of Exchange upon her for the
same amount payable after two months. In this case, Mary is the drawer and John is
the drawee. If the Bill is retained by Mary for two months and the amount of $50,000
is received by her on the due date then Mary will be the payee. If Mary gives away this
Bill to her creditor Will, then Will will be the payee. If Mary gets this Bill discounted
from the bank, then the bank will become the payee.

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 2. Features:
A Bill of Exchange is defined as an instrument in writing containing an
unconditional order, signed by the drawer, directing a certain person to pay a certain
sum of money only to, or to the order of a certain person or to the bearer of the
instrument at a certain time. The following features of a Bill of Exchange is derived
from this definition.
- A Bill of Exchange must be in written form.
- It is an instrument that a creditor draws upon their debtor.
- It is an order to make payment.
- The order to make payment is unconditional.
- It must mention all the parties involved, including drawer, drawee and payee.
- It must be signed by the drawer and accepted by the drawee.
- The Bill of Exchange must be payable to a certain person.
- The sum of money to be paid must be certain.
- The date on which payment is made must also be certain.
- The amount mentioned in the Bill of Exchange is payable either on demand or
on the expiry of a fixed period of time.
- It must be stamped as per the requirement of law.

V. RELATED TERMS OF Bill OF EXCHANGE

1. Maturity of Bill
The term maturity refers the date on which a Bill of Exchange becomes due for
payment.
Below is the concept of due date that helps to understand the maturity of Bill better:
- Due date:
A date on which the payment is expected/due.
- Bill at Sight:
The due date is the date on which a Bill is presented for payment.
- Bill after Sight:
The due date is the date of acceptance plus the terms of the Bill.
For example, if the Bill is drawn on 1st March and it is accepted on 5th March. In
that case, if the maturity of the Bill is 1st month after sight. Then the due date would
be 5th March + 1 month = 5th April.
- Bill after Date
The due date is the date of drawing plus the terms of the Bill.
For example, if the Bill is drawn on 1st January and its maturity is 30 days after
date then its due date would be 1st January + 30 days = 31st January.
- Days of Grace

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 Drawee is given three extra days following the due date of the Bill for making
payment. These 3 days are known as ‘Days of Grace’. It is a custom to add the days of
grace.
For example, if the Bill is drawn on 1st January and its maturity is one month, the due
date would be 1st January + 1 month + 3 days = 4th February.
2. Discounting of Bill
If the holder of the Bill needs funds, he can approach the bank for encashment of
the Bill before the due date. The bank shall makes the payment of the Bill after
deducting some interest (called discount in this case). This process of encashing the
Bill with the bank is called discounting the Bill. The bank gets the amount from the
drawee on the due date.
3. Endorsement of Bill
Any holder may transfer a Bill unless its transfer is restricted, i.e., the Bill has been
negotiated containing words prohibiting its transfer. The Bill can be initially endorsed
by the drawer by putting his signatures at the back of the Bill along with the name of
the party to whom it is being transferred. The act of signing and transferring the Bill is
called endorsement.
VI. ARISING RISKS AND RESPONSIVE RECOMMENDATIONS
1. Commercial risks
Example: the borrower’s inability or unwillingness to pay the debt
If an entity accepts a Bill of Exchange, its risk is that the seller is not completely
relieved from the buyer’s inability to pay: in fact, whilst the primary liability remains
on the buyer, the seller could also be held responsible in case the buyer dishonors the
Bill and refuses or is unable to pay. In such circumstances, even after having
discounted the Bill of Exchange to a third party, the seller remains liable if the third
party has accepted the Bill in good faith, i.e., they expected the buyer to comply with
his obligations to pay. This is a particular concern if the drawee is a person or
non-bank business.
=> Responsive recommendations: No matter who the drawee is, the payee should
investigate the creditworthiness of the issuer before accepting the Bill.
2. Political risks
Example: Restrictions on the transfer of the credit currency, rescheduling of debts
or force majeure events, such as flood, earthquake, war or civil war etc. These risks are
beyond the lender’s and borrower’s control and often associated with the borrower’s
country.
=> Responsive recommendations: buy the guarantee
3. Other risks:
Example: Loss, theft or fraud of Bills of Exchange

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 Where a Bill of Exchange has been lost before it is over-due, the person who was
the holder of it may apply to the drawer to give him another Bill of the same tenor,
giving security to the drawer, if required, to indemnify him against all persons
whatever in case the Bill alleged to have been lost shall be found again. If the drawer
on request as aforesaid refuses to give such duplicate Bill, he may be compelled to do
so.
VII. EXAMPLES/CASE STUDY
1. Example
Example 1: Working Without a Bill of Exchange

The following remarks will help you understand the scenario depicted in the
above figure:
Since Mr. John, the retailer, lacks the funds to make purchases, business
operations have slowed down. On the other side, David & Co. the manufacturer
prefers to accept cash sales for his business solely.
The issue can be resolved if the producer gets paid immediately for his goods
and the merchant is given items on credit.
The bank will also accept a Bill of Exchange that a reputable businessman has
accepted. The bank will readily extend a loan to the Bill's bearer.
You will now understand how a Bill of Exchange aids in the promotion of
commercial activity.

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Example 2: Working With a Bill of Exchange

The following points are noteworthy concerning this figure:

The producer David & Co. sells items to the merchant Mr. John on credit. The
merchant accepts a Bill for the amount, and David & Co. negotiates a reduction on the
Bill in order to meet its cash requirements.
Now that the store has inventory to sell, he will just settle the debt in full after
three months.
The bank gives the Bill a discount and makes $2,500 in interest payments.
This illustration demonstrates how a Bill of Exchange aids in promoting
commercial activity.
2. Case study
A cashew business in Binh Phuoc (seller) was sued by a foreign-invested enterprise
(buyer). The main reason is the use of the Bill of Exchange made during contract
performance. Specifically, when performing contracts, the seller signs a Bill of
Exchange every time the buyer deposits to guarantee delivery. However, due to
disagreement about the quality of the products, both sides end their business
relationship. After that, the buyer suddenly brought up all the Bill of Exchange with a
filled in date and demanded recourse from the seller. This left the seller in a difficult
situation when all the Bills of Exchange have enough valid information along with the
drawee.
During cashew business in Binh Phuoc, after deposit, the seller sent the Bill of
Exchange to the buyer leaving out information such as the date, place and signature

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 from both sides. The seller signed and sealed the Bill and sent it back to the buyer.
When contract disputes arise, the buyer took all that Bills but with additional
information to force the seller to pay money.
In the end, because the progress of forming the contract is not according to the law
of negotiable instruments, the Bill of Exchange is not valid and the drawee does not
bear the liability to pay.
Other than the legal risk, such action may also greatly damage business
relationships in the future, eliminating chances of any further transaction. Therefore,
one should be careful and thorough when performing contracts such as Bill of
Exchange. One solution can be hiring lawyers or experts to consult with to minimize
risks of the business.
Moreover, Bill of Exchange can also involve a third party such as the banks. These
credit institutions can help ensure the validity of the contract and that both sides fulfill
their agreed responsibility according to the contract. Lastly, it is the mutual trust
between two sides. By putting the trust in one another, the two parties can benefit
greatly from the negotiable property of the Bill of Exchange, allowing certain
information to be overlooked without any potential issue similar to the aforementioned
case.
VIII. COMPARISON
There are some other types of negotiable instruments such as cheques and
promissory notes, which are relatively similar to the Bill of Exchange. They are all
considered written contracts whose benefit can be passed on from the original holder
to a new holder because these negotiable instruments are documents which promise
payment to the assignee or a specified person. The advantage that these have is that the
final holder collects the funds and can use them as per his/her requirements and once
the instrument is transferred, the holder of such instrument gains full legal title to such
instrument.
Here is the comparison among these instruments to understand more:
Aspect Cheque Bill of Exchange Promissory note

A document that orders a A written order binding one An unconditional promise

bank (or credit union) to party to pay a fixed sum of to pay a certain amount of
pay a specific amount of money to another party on money to a named party
demand or at some point in or the holder of the note,
Meaning money from a person's
the future. or to deposit that money
account to the person in as such persons direct. A
whose name the cheque has promissory note must be
been issued. in writing and signed by
the maker of the promise.

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 A cheque is a negotiable The definition of a Bill of The definition of the
instrument under Section 6 Exchange is given in promissory note is given
of the Negotiable Section 5 of the Negotiable in Section 4 of the
Instruments Act, 1881. Instruments Act, 1881. Bill Negotiable Instruments
of Exchange is also defined Act, 1881.
Legal in Section 2(2) of the Indian
Stamps Act, 1899 and the
Bill of Exchange payable on
demand has been explained
in Section 2(3) of the Indian
Stamps Act, 1899.

Drawer of Creditor Creditor Debtor

the
instrument

Three parties are involved The three parties are a Two parties involved are
Partied
as a drawn payee. drawer, drawee and payee. the drawer/maker and the
involved
payee.

It is payable on-demand The same person can be the The drawer and payee
only. drawer and payee. It is cannot be the same
Payability payable on-demand or on person.
the expiry of a certain
period.

For a cheque, a notice of For a Bill of Exchange, a No notice is served to the

dishonour is not notice of dishonour is drawer in case of
compulsory. mandatory and it should be dishonouring the
Notice of
served to all the concerned promissory note.
Dishonour
parties involved in the
transaction on dishonouring
the Bill of Exchange.

Copies No copies. Can have copies. No copies.

Does not have a grace Three days grace period. Third day after the day on
Grace which it is expressed to be
period once it is presented
period payable.
for its payment.

The parties remain liable to The parties who don’t get The liability of the drawer
pay even though no notice notice of dishonour are free is primary and absolute.
Liability
of dishonour is given. from the liability of paying
and the liability of the

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 drawer is secondary and
conditional.

The parties remain liable to The parties who don’t get The liability of the drawer
pay even though no notice notice of dishonour are free is primary and absolute.
of dishonour is given. from the liability of paying
Validity
and the liability of the
drawer is secondary and
conditional.

Does not require any stamp Must be accepted first No acceptance is required
Acceptance except in certain cases. before payment can be from the drawee.
demanded on it.

Does not require any stamp Must be stamped. Has to be sufficiently

Stamp
except in certain cases. stamped.

A cheque bounce notice is Notice of dishonour must be Collateral notes are

to be given to the defaulter.
If it is due to faults of
mismatched signature,
overwriting etc., the payee
can ask for the
resubmission of the check
to the drawer for clearance.
However, if it is due to
insufficient funds in the
Security account then a cheque
and bounce notice is issued
dishonour under Section 138 of the
Negotiable Instruments Act
within 30 days of an
intimation sent by the bank.
15 days after the notice
given, the payee can
initiate legal action under
Section 138 of the Act and
the offence of cheque
bounce is a criminal
offence under it.
given immediately to the
drawer otherwise to whom
such notice for default is not
given is discharged. Section
30 of the Negotiable
Instruments Act provides
that in case of dishonour by
the drawee the drawer is
authorised compensation if
due notice of dishonour has
been served to the drawee.
Section 92 of the
Negotiable Instruments Act
says that a Bill is
dishonoured by
non-payment when the
acceptor of the Bill makes a
default in payment after
being duly required to pay
the amount.
secured by a piece of
property or another
tangible asset that can be
repossessed if the
borrower defaults on the
terms of the promissory
note. One should also
check the verification of
the limitation period and
file a civil case within a
certain time limit as per
the Limitation Act, 1963.

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