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Payee

The party to receive payment of a negotiable instrument. In a cheque or draft, it is the party shown after the words “pay to the order of”. See negotiable instrument; payer.

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Payer

The party primarily responsible for the payment of the amount owed as evidenced by a given negotiable instrument. See negotiable instrument; payee.

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Paying bank

The bank designated in a letter of credit as the party that will honour drafts drawn under the L/C.

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Payment at sight

Payment terms used in bank collections that require the drawee to pay before receiving certain documents. Typically, the drawer will send these documents to the drawee´s bank with instructions that it secure payment before releasing them. Also called CAD (cash…

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Payment in advance

A payment term whereby the buyer remits the amount of money at the time the order is placed. Under this term the buyer is actually extending credit to the seller. Also called CWO (cash with order).

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