Parties to a Bill of Exchange
Bill of exchange normally is customary where the supplier of goods has sold goods on credit to the buyer of goods. Here is the list of parties to a bill of exchange –
1. Drawer – It is the person who is the maker of the bill of exchange. It is the person who has sold the goods and for receiving the payment from the debtor he draws a bill of exchange.
2. Drawee or Acceptor – It is the person on whom the bill of exchange is drawn and he has to make the payment to the supplier of goods.
3. Payee – It is the person to whom the payment has to be made. It may be the drawer himself if he has not discounted the bill with any third party.