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GLOSSARY

Bill of exchange definition

/bɪl/ /ɒv/ /ɪksˈtʃeɪndʒ/

Published by a LexisNexis Commercial expert

What does Bill of exchange mean?

A bill of exchange is an unconditional order in writing requiring the person to whom it is addressed to pay a sum certain to a specified person or to the bearer.

Under the Bills of Exchange Act 1882, a bill of exchange is specifically defined as an unconditional order to pay in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer (that is, the person in possession of a bill which is payable to bearer).

Commercial

A bill of exchange is an unconditional order in writing requiring the person to whom it is addressed to pay a sum certain to a specified person or to the bearer.

Under the Bills of Exchange Act 1882, a bill of exchange is specifically defined as an unconditional order to pay in writing, addressed by one person to another, signed

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Trading disclosures

The Companies Act 2006 (CA 2006) and The Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015 (the Names and Trading Disclosures Regulations 2015) require UK companies to make certain trading disclosures, including in relation to the company's name, share capital, directors and registered office.Corporate transparency reform—company namesThe government has an ambitious plan to overhaul Companies House.The intention is for Companies House to undergo a full transformation, with the aim of being the most innovative, open and trusted registry in the world. The government hopes to improve the Registrar’s contribution to the UK economy, and at the same time boost its capacity to combat economic crime.The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023. The provisions of the ECCTA 2023 will come into force over an extended period to allow companies and Companies House time to prepare for implementation. Many of the provisions in the legislation will require detailed secondary legislation and guidance, and the construction of new technical...

Characteristics of standby letters of credit

Standby letters of credit were first developed in the US to get round the inability of US banks to issue guarantees. Outside of the US, it is more common to use an on demand guarantee or bond (see Practice Note: On demand guarantees and bonds) rather than a standby letter of credit.Standby letters of credit are a type of letter of credit.The common feature of all letters of credit is an undertaking by a bank to pay the beneficiary of the letter of credit a specific sum within a specified time limit against the presentation of specific documents in accordance with the terms of the letter of credit.Letters of credit can be either:•commercial letters of credit (also known as traditional letters of credit), or•standby letters of credit (also known as standby credits)The purpose of a letter of credit determines which category it falls into.Standby letters of creditCommercial letters of creditUseUsed in similar circumstances to on demand guarantees or performance bondsUsed in relation to the movement of goods in the context...

Discover our 7 Practice Notes on Bill of exchange

The E-Trade Documents Bill—a truly digital solution for trade finance, but is it a one stop solution?

Banking & Finance analysis: Natalie Lake, associate at Sullivan & Worcester UK LLP, considers the effect of the Electronic Trade Documents Bill on trade finance transactions.

Unsuccessful AA 1996, s 67 challenge as original objection out of time (Uttam Galva Steels v Gunvor Singapore)

Arbitration analysis: Mr Justice Picken in the Commercial Court dismissed an application challenging an London Metal Exchange (LME) award under section 67 of the Arbitration Act 1996 (AA 1996). The court agreed with the arbitrator’s award which dismissed the objection to jurisdiction on the basis that it had been made out of time under the LME Arbitration Regulations. The court stated, obiter, that the jurisdictional objection made on the basis that the bills of exchange did not incorporate the arbitration agreement in the underlying contracts would not have been successful.

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