Home > Term: acceptance
acceptance
(1) Written declaration on a bill of exchange that the latter is accepted. Acceptance of the bill of exchange must be declared, although it can also be limited to just part of the amount of the bill of exchange. The drawee of the bill of exchange is bound through acceptance to pay the latter on expiry.
(2) Accepted bill of exchange. Opposite: draft.
(3) Acceptance of a contract tender.
- Part of Speech: noun
- Industry/Domain: Banking
- Category: Investment banking
- Company: UBS
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Creator
- Stefan K
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