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A draft (also called a bill of exchange) is an order written by an exporter instructing an importer, or an importer's agent, to pay

a specified amount of money at a specified time

There are two types of drafts. A sight draft is payable immediately, while a time draft allows for a delay in payment. When a
time draft is drawn on and accepted by a bank, it is called a banker’s acceptance. When it is drawn on and accepted by a
business firm, it is called a trade acceptance.

1. Drawer :-The person who is giving the order in a bill about the payment is called drawer.
2. Drawee :-Drawee is the person on whom the bill is drawn or whom the order is a addressed.
3. Payee :-He is a person to whom the money is to be paid.

International practice use drafts to settle trade transactions. It differs from domestic practice where seller usually ships
merchandise on an open account.

A bill of exchange normally includes the following information:

 Title. The term "bill of exchange" is noted on the face of the document.
 Amount. The amount to be paid, expressed both numerically and written in text.
 As of. The date on which the amount is to be paid. Can be stated as a certain number of days after an event, such as a
shipment or receipt of a delivery.
 Payee. States the name (and possibly the address) of the party to be paid.
 Identification number. The bill should contain a unique identifying number.
 Signature. The bill is signed by a person authorized to commit the drawee to pay the designated amount of funds.


The bill of lading is issued to the exporter by the carrier that’s transporting the goods.

 It serves three purposes

1. It is a receipt - merchandise described on document has been received by carrier
2. It is a contract - carrier is obligated to provide transportation service in return for a certain charge
3. It is a document of title - can be used to obtain payment or a written promise before the merchandise is
released to the importer

If a logistics company must transport gasoline from a plant in Texas to a gas station in Arizona via heavy truck, a plant
representative and the driver must sign the bill of lading after the gas is loaded onto the truck. Once the gasoline is delivered
to the gas station in Arizona, the clerk at the station must also sign the document as proof of receipt.

The bill of lading can also function as a collateral against which funds may be advanced to the exporter by its local bank before
or during shipment and before final payment by the importer.

Depending on the type of BoL (see below), various information should be listed on the document, including:
 Carrier name and a signature from the carrier, the ship’s master, or a legal representative of either of these parties
 Date and indication of goods being loaded onto a vessel
 Notation of the port of loading and the port of destination
 Terms and conditions of carriage or a reference to these conditions listed in another document
 Detailed description of the goods being shipped (value, count, weight, size, markings/numbers, etc.)
 Name of the consignee
 Any special instructions for shipping

In exporter preference, the importer pays the good first before the exporter ships the goods. In importer preference, it is the
opposite of the exporter preference wherein the goods are received first by the importer before paying to the exporter. The
use of third party has an intervention of the bank, wherein the bank is the one transacting between the parties.