time bill

time bill
A bill of exchange payable at some future date, for example, 90 days after the date of the bill or after sight (that is, acceptance or refusal by the drawee), is called a time, term or usuance bill/draft. On delivery of a time bill to the drawee, if he accepts his liability to pay on the relevant future date, he signs the bill, thereby becoming liable on the bill. He is then called the acceptor.
It is one of the ways in which a letters of credit may provide for payment by the nominated bank.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • Time bill — Time Time, n.; pl. {Times}. [OE. time, AS. t[=i]ma, akin to t[=i]d time, and to Icel. t[=i]mi, Dan. time an hour, Sw. timme. [root]58. See {Tide}, n.] 1. Duration, considered independently of any system of measurement or any employment of terms… …   The Collaborative International Dictionary of English

  • time bill — UK US noun [C] COMMERCE, FINANCE ► a financial document, used especially in international trade, that orders a person or organization to pay a particular amount at a particular time for goods or services that they have bought …   Financial and business terms

  • time bill — noun a draft payable at a specified future date • Syn: ↑time draft • Hypernyms: ↑draft, ↑bill of exchange, ↑order of payment * * * noun 1. : a bill of exchange payable at a definite future time …   Useful english dictionary

  • time bill — / taɪm bɪl/ noun a bill of exchange which is payable at a specific time after acceptance …   Dictionary of banking and finance

  • time bill — a bill of exchange payable at a specified date. [1825 35, Amer.] * * * …   Universalium

  • time bill — noun a bill of exchange that is to be paid at some future date …   Wiktionary

  • time bill of exchange — Same as time draft. 11 Am J2d B & N § 13 …   Ballentine's law dictionary

  • Bill Kaiserman — is a four time Coty Award winning designer. Throughout his career in the men s and women s fashion field, his reputation is synonymous with innovative and modern design concepts. During his career, Kaiserman is one of the few American designers… …   Wikipedia

  • Time — Time, n.; pl. {Times}. [OE. time, AS. t[=i]ma, akin to t[=i]d time, and to Icel. t[=i]mi, Dan. time an hour, Sw. timme. [root]58. See {Tide}, n.] 1. Duration, considered independently of any system of measurement or any employment of terms which… …   The Collaborative International Dictionary of English

  • Time ball — Time Time, n.; pl. {Times}. [OE. time, AS. t[=i]ma, akin to t[=i]d time, and to Icel. t[=i]mi, Dan. time an hour, Sw. timme. [root]58. See {Tide}, n.] 1. Duration, considered independently of any system of measurement or any employment of terms… …   The Collaborative International Dictionary of English

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