What does acceptance of a bill of exchange mean?

acceptance of a bill of exchange meaning in Law Dictionary

This occurs when a shipping company takes short-term custody of a great promising safe delivery. Another term with this is acceptance of delivery.


acceptance of a bill of exchange meaning in Business Dictionary

Process by which a buyer (labeled as a 'drawee') takes the vendor's costs of exchange by signing under the terms 'accepted' on face associated with the bill. By this act, the drawee becomes the acceptor and converts the bill into a post-dated check an unconditional responsibility to cover it on or before its readiness time.