Types of Bills of Exchange
(a) Sight Bill of Exchange: In this Bill of Exchange, also known as demand Bill of Exchange, the drawee has to make the payment, on presentation.
(b) Usance Bill of Exchange: In case of Usance or Time Bill or Exchange, payment is to he made on the maturity date, after a certain period, known as tender . When the calculation of period the calculation of period is made with reference to the sight of bill, the bill is known as 'after sight usance Sometimes, the maturity date is vale
(c) Clean Bill of Exchange: A clean Bill of Exchange is one when the relative shipping documents do not accompany with it. In this case, the relative shipping documents i.e. Bill of Lading is sent directly to the importer to enable him to take delivery of the cargo.
(d) Documentary Bill of Exchange: A documentary Bill of Exchange is one where the relative shipping documents such as Bill of Lading, marine insurance policy, invoice and other documents are sent along with the Bill of Exchange. This is the common form in export trade.
The documents are given to the bank either for collection or negotiation. in case the importer gets the documents on acceptance, it is called Documents against Acceptance. If the importer gets the documents only on payment, it is caned Documents against Payment,
After shipment of goods, the exporter draws the bill on the importer or -more as agreed between the exporter and frequently, on hank acting for the importer, importer, the exporter usually draws the hill to his own order or that of his bank. Later, he endorses the bin in favor of his bank. Exporter may request his to collect or purchase the bill. In case of purchase of bin, exporter receives the export proceeds immediately. In any case, the exporter’s bank sends the documents to its branch or correspondent. bank in importer's place. The bank at that end sends the intimation of receipt, of documents to the importer either for acceptance or payment, dependent on the nature of bill drawn. In case of Documents against acceptance, importer accepts the bill and then only gets title to goods. In case of Documents against payment, importer has to make the payment for securing delivery of documents.
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