Factoring Company- Glossary > Factoring Terms > Bill of Exchange

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Bill of Exchange is an unconditional order in writing, signed by a drawer such as a buyer, and addressed to the drawee, typically a bank, ordering the drawee to pay a stated sum of money to a payee, often a seller, on demand or at a fixed or determinable future time.

Last updated on September 26, 2009 by FACTOR KING, LLC