Bill of Exchange
Bill of Exchange is an unconditional order in writing, issued by the seller (drawer) instructing the buyer (drawee) to pay the seller's bank (payee) a specified amount (normally the full invoice value) on demand (at sight) or at a fixed or determinable future time. A suitable form can be obtained from the seller's bank, or drawn up on a blank sheet of paper.
Sight Draft
A bill of exchange drawn "at sight" meaning that as soon as the drawee accepts the bill it falls due for payment.
