Trade Acceptance (Noun)
Meaning
A bill of exchange for a specific purchase; drawn on the buyer by the seller and bearing the buyer's acceptance.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The seller submitted a trade acceptance to the buyer, who had 30 days to settle the payment.
- Trade acceptances are commonly used in international trade to facilitate secure payment transactions.
- The buyer's acceptance on the trade acceptance ensured that the payment would be made within the stipulated timeframe.
- By signing the trade acceptance, the buyer confirmed their intention to pay for the shipped goods.
- After verifying the trade acceptance, the bank discounted the bill and provided immediate payment to the seller.