Specimen Bill Drawn Locally

Specimen Bill Drawn Locally

Explanation - Form No. 11.

Form of Bank Acceptance - Specimen Bill Drawn Locally

As will be seen from an examination of the particulars contained in the acceptance, the purchaser, having arranged with his bank to have them accept drafts drawn upon them by the seller, the bank, in conformity with this acceptance agreement between itself and the purchaser, accepts such drafts drawn on it by the seller. After acceptance the draft becomes a "bank acceptance." The bank acceptance is a very high form of commercial paper and usually has a much better credit and commercial standing than the trade acceptance.