I would be grateful if someone could help me with this question. It is an important topic for the exam. Drawer and drawee. There are three parties that are involved when it comes to writing an outstanding check. These are: The drawer, the drawee and the payee. The drawer is the person who writes the check, although they must have the authority to do this. The difference between cheque and demand draft is quite subtle.
Difference among payee,drawer and drawee is,like in case of bank check. The DRAWER is the individual who issues the cheque, instructing thebank (DRAWEE) to pay the recipient (PAYEE). There really isnt a big difference between a drawer and drawee. Difference between Drawer, Drawee, and Payee. Meaning of Drawer, Drawee, and Payee.
Answer to what is the difference between drawer and drawee of check. The following are the main differences between a cheque and a demand draft:. But in a draft both the drawer and the drawee are the same bank. The Legal Terms Drawee, Drawer Defined & Explained.
-difference Among Payee, Payer, Drawee, Drawer
As nouns the difference between drawee and acceptor is that drawee is (legal) the party directed to pay the amount of a draft or check while acceptor is one who accepts. As nouns the difference between drawer and drawee is that drawer is an open-topped box that can be slid in and out of the cabinet that contains it, used for storing clothing or other articles while drawee is (legal) the party directed to pay the amount of a draft or cheque. Drawer, drawee of the act, Negotiable Instruments Act, 1881. But do you know the difference between these two and how and at what time one must opt for these two facilities of writing cheque?. So drawer is giving instruction to drawee to pay an amount mentioned on the checque to the person named or to the bearer of the checque. The Drawee: The drawer is the person on whom the bill is drawn. Exporter draws the bill on the importer who is the drawee.