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Trading Terms

Acceptance (also, acc.)

A vital concept in finance is the acceptance of a draft, in which the drawee, who becomes the acceptor, commits to paying a specified amount on the due date. This obligation is then documented and referred to as the accepted time draft. It is worth noting that this term is often used interchangeably with 'bill of exchange'. In essence, it is a written agreement that carries significant financial implications for both parties involved.
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