Bills of Exchange are formal financial instruments used to facilitate payment in domestic and international trade. They involve three parties: the drawer (usually the seller), the drawee (typically the buyer), and the payee. The drawer issues the bill, instructing the drawee to pay a specified amount either immediately (at sight) or on a future date. Once accepted by the drawee, the bill becomes a binding obligation. Bills of Exchange are transferable and can be used for financing, discounted with banks, or endorsed to third parties — providing liquidity and legal certainty in trade transactions.
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