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What are the main advantages of Bill of Exchange?

The following are the advantages of a bill of exchange:

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  • Bill of exchange fixes the date of payment. The creditor knows when to expect his money and the debtor also knows when he will be required to make payment.
  • A bill of exchange is a negotiable instrument and can be used in settlement of debts.
  • it is a written and signed acknowledgement of debt and affords conclusive proof of indebtedness.
  • A debtor is free from worries and enjoys full period of credit, as he can never be called upon to pay the amount of the bill before the due to date.
  • A creditor can convert the bill into cash by getting it discounted with the bank.
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