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Bank Acceptance Draft

The Bank Acceptance Draft is a draft signed by the applicant. After the opening bank's approval to accept the draft upon request by the applicant, the bearer of the draft shall present the draft to the payer for payment upon maturity or several days before maturity of the draft (subject to rough estimation of mail time).

The payment term should not exceed six months, while the draft should be presented for payment within 10 days upon maturity of the draft. 

The Bank Acceptance Draft can be used for the settlement of a claim and debt after a physical commodity transaction, and the bearer may request a discount from the opening bank or the bill center before the maturity of the draft if cash is urgently needed. The Bank Acceptance Draft can be transferred by endorsement prior to maturity of the draft. 

1. The applicant shall submit written materials including the Application Form for Issuance of Bank Acceptance Draft, the Application Letter for Issuance of Bank Acceptance Draft, the contract and recent financial statements.
2. ABC signs the Agreement on Bank Acceptance Draft with the applicant and the guarantor.
3. The applicant deposits the margin with ABC.
4. ABC issues the bank acceptance draft to the applicant which shall be signed and sealed by the applicant.

Note: Please contact your local branch for detailed information about the service.

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