ACCEPTANCE
It is a contractual agreement on sight draft or time draft to pay the indicated amount due on a specified time and date. The party that should pay the draft should "accept" the contract by writing the word "accepted" or any other similar word indicating that s/he accept the contract next to his/her signature with the date. In effect, he or she becomes the acceptor and is obliged to pay the draft on or before the maturity date.
An acceptance of a banker is a draft honored by banks and is usually used in trading internationally. In a trade acceptance however, the buyer is the acceptor wherein it is a draft drawn the good’s seller.
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