Time Drafts :
Bill of Adventure
A written certificate used if goods are shipped under the name of a merchant, shipmaster or shipowner. It certi¬fies that the property and risk in the goods belong to a per¬son other than the shipper and that the shipper is accountable to that other person for only the proceeds.
Bill of Credit
A written statement, commonly used by business travelers, given by one individual or legal entity to another, to authorize the recipient to receive or collect money from a foreign correspondent, such as a bank in the recipient’s country - letter of credit
Bill of Exchange
An unconditional order in writing, signed by a per¬son (drawer) such as a buyer, and addressed to another person (drawee), typically a bank, ordering the drawee to pay a stated sum of money to yet another person (payee), often a seller, on demand or at a fixed or determinable future time. The most common versions of a bill of exchange are.....
wherein the drawer instructs the drawee to pay a certain amount to a named person, usually in payment for the transfer of goods or services.
are payable when presented.
(also called usance drafts) are payable at a future fixed (specific) date or determinable (30, 60, 90 days etc.) date. Time drafts are used as a financing tool (as with Documents against Acceptance, D/A terms) to give the buyer time to pay for his purchase.
A Promissory Note
wherein the issuer promises to pay a certain amount.
Bill of Health
A certificate issued by port or customs authori¬ties attesting to the health of the crew and passengers of a vessel or airplane upon arrival or departure from the port.
A Clean Bill of Health
is issued by authorities when no contagious disease(s) has been found.
A Suspected Bill of Health
is issued when no conta¬gious disease(s) has been found, but authorities fear that one may develop.
A Foul Bill of Health
is issued when a contagious dis¬ease has been found.
In the cases of issuance of a suspected bill of health or a foul bill of health, the vessel, airplane or its passengers must enter a quarantine. See quarantine.
Bill of Lading
A document issued by a carrier to a shipper, signed by the captain, agent or owner of a vessel, furnishing written evidence regarding receipt of the goods (cargo), the condi¬tions on which transportation is made (contract of carriage) and the engagement to deliver goods at the prescribed port of destination to the lawful holder of the bill of lading.
A bill of lading is therefore both a receipt for merchan¬dise and a contract to deliver it as freight. There are a number of different types of bills of lading.
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