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Letters of Credit

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Incoterms 2000

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Letters Of Credit Funding
Bill of Exchange

An example of a Bill of Exchange in PDF format*

The Documentary Letter of Credit will stipulate when payment is to be made and the Bill of Exchange must be drawn up accordingly.

From the example shown:

Specimen A is a 'Sight' bill which requires immediate payment by the drawee.

Specimen B is a 'Tenor' or 'Term' bill, and calls for payment after a set period of time after the date of the bill, in this case 90 days.

The Bill of Exchange must conform exactly with the terms of the Letter of Credit, with the sum specified not exceeding the amount of the LC.

Unless the Documentary Letter of Credit stipulates that Bills of Exchange are required to be in duplicate, a single (sola) Bill of Exchange will be acceptable.

Bill of Exchange forms may be purchased from printers or stationers, or they may be drawn on a company's notepaper or even a blank sheet of paper. When being presented for payment, the Bill of Exchange must be correctly endorsed by the payee.

* will allow you access to PDF files.


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