Maturity of Bill of Exchange

When payment is made by drawee and payee received the payment on due date is called maturity of bill.

Due Date of Bill of Exchange

A specific date in future for payment of the bill is called due date of bill.

Acceptance of Bill of Exchange

A process of signing on the bill by drawee with the word “accepted” is called acceptance of Bill.

 A bill of exchange for the amount of a purchase drawn by the seller on the purchaser, bearing the purchaser\'s signature and specifying time and place of payment.

Payee

 It's the person to whom the payment has to be created. it may be the drawer himself if he has not discounted the bill with any third party.

Drawee or Acceptor

 It's the person on whom the bill of exchange is drawn and he has to make the payment to the supplier of goods.

Drawer

It's the person who is that the maker of the bill of exchange. it's the person who has sold-out the goods and for receiving the payment from the debtor he attracts a bill of exchange.

Different Parties of Bill of Exchange

Drawer 
It's the person who is that the maker of the bill of exchange. it's the person who has sold-out the goods and for receiving the payment from the debtor he attracts a bill of exchange.

Drawee or Acceptor
 It's the person on whom the bill of exchange is drawn and he has to make the payment to the supplier of goods.

Payee
It's the person to whom the payment has to be created. it may be the drawer himself if he has not discounted the bill with any third party.