Name
Trade acceptance draft
Introduction
It is a kind of commercial draft issued by the payee and honored by the payer, or a kind of commercial draft issued and honored by the payer.
Features
1. Commercial credit. It can be issued by both the payee and the payer.
2. Financing. Bank of China may give discount to the creditworthy draft of the payee or the payer.
Scope of Application
It is available to legal corporate or other organizations for domestic cross-city or inter-city account settlement of physical commodity trade.
Application Qualifications
1. The legal corporate or other organizations should open a basic or general deposit account in Bank of China.
2. The trade background should be authentic between the applicant and the payee of trade acceptance draft with legal commodity trade and creditor-debtor relationship.
Process
1. The drawer accepts the trade acceptance draft and delivers it to the payee (bearer);
2. The payee (bearer) can endorse and transfer this bill to the endorsee or conduct its discount business and other business in the bank;
3. During the period of payment reminder, the bearer submits the account-opening bank with trade acceptance draft together with the document authorizing payment collection and entrusts the account-opening bank with payment collection business; then the payer's account-opening bank will remit the payment to the payee's account.
Kind Reminder
1. In case the trade acceptance draft is lost, those who lost the draft should report the loss to the acceptor and apply for the procedure of loss report and payment suspension.
2. Customers with custody and financing requirements on trade acceptance draft can select draft trusteeship product and additional products of Bank of China.
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