Electronic Commercial Draft
Electronic Commercial Draft (ECD) refers to commercial draft in electronic form, which is made by the issuer in the form of data message and by which a trusted payer pays unconditionally a fixed amount to the beneficiary or to the draft holder on a designated date.
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Cheque
The Cheque is an instrument issued by the drawer directing a bank to pay unconditionally a specified amount to its beneficiary or bearer upon presentation.
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Promissory Note
The Promissory Note is an instrument issued by a bank that promises to pay unconditionally a specific amount to the beneficiary or bearer at sight.
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Bank Draft
The Bank Draft is an instrument issued by a bank. The bank makes an unconditional payment based on the actual settlement amount of the beneficiary or bearer upon presentation.
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