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6. Acceptance

6.1. Words to remember: - также в табличке

  1. Acceptance

A. consent for payment

  1. Accounting Acceptance

B. consent to the conclusion of the contract

  1. Drawee’s Acceptance

C. assumption of the obligation to pay the bill

  1. Positive acceptance

  1. Negative accept

  2. Preliminary acceptance

D. payer is obliged assent a willingness or rejection to pay or refusal to pay on each payment in writing .

E. only the refusal to pay in writing.

F. consent to pay for the payment requests as they are received by the Bank without prior acceptance

  1. ABA

G. time draft, accepted and guaranteed by a bank

6.2. Read the text.

Acceptance ( adopted) - the response of the personа to whom the offer/ tender of its acceptance is addressed. Acceptance - consent for payment. Under Russian law, the acceptance shall be full and unconditional (the adoption of the proposal on the other conditions, is recognized as a new offer).

Accounting Acceptance : consent (согласие) to the conclusion of the contract in accordance with the offer (tender) of the other party; in the international law it is the unilateral statement about the terms of the contract; the payer’s (the drawee’s) assumption of the obligation to pay the bill according to a bill of exchange when the term specified in it. Such Acceptance shall be in the form of the acceptor’s inscription on the front of the bill of exchange;

6.3. Read the text.

Varieties of acceptances

Positive acceptance - payer is obliged assent a willingness or rejection to pay or refusal to pay on each payment in writing.

Negative accept - only the refusal to pay in writing.

Preliminary acceptance – consent to pay for the payment requests as they are received by the Bank without prior acceptance.

A banker's acceptance, or BA, is a promised future payment, or time draft, which is accepted and guaranteed by a bank and drawn on a deposit at the bank. The banker's acceptance specifies the amount of money, the date, and the person to which the payment is due. After acceptance, the draft becomes an unconditional liability of the bank. But the holder of the draft can sell (exchange) it for cash at a discount to a buyer who is willing to wait until the maturity date for the funds in the deposit.

A banker's acceptance starts as a time draft drawn on a bank deposit by a bank's customer to pay money at a future date, typically within six months, analogous to a post-dated check. Next, the bank accepts (guarantees) payment to the holder of the draft, analogous to a post-dated check drawn on a deposit with over-draft protection.

The party that holds the banker's acceptance may keep the acceptance until it matures, and thereby allow the bank to make the promised payment, or it may sell the acceptance at a discount today to any party willing to wait for the face value payment of the deposit on the maturity date. The rates, at which they trade, calculated from the discount prices relative to their face values, are called banker's acceptance rates.

Banker's acceptances make a transaction between two parties who do not know each other more safe because they allow the parties to substitute the bank's credit worthiness for that who owes the payment. They are used widely in international trade for payments that are due for a future shipment of goods and services. For example, an importer may draft a banker's acceptance when it does not have a close relationship with and cannot obtain credit from an exporter. Once the importer and bank have completed an acceptance agreement, whereby the bank accepts liabilities of the importer and the importer deposits funds at the bank (enough for the future payment plus fees), the importer can issue a time draft to the exporter for a future payment with the bank's guarantee.

Banker's acceptances are typically sold in multiples of US $100,000.[2] Banker's acceptances smaller than this amount are referred to as odd lots.