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Finance Dictionary and Glossary of Investment Terms
Acceptance
Definition 1.
Contractual agreement instigated when the drawee of a time draft "accepts" the draft by writing the word "accepted" thereon. The drawee assumes responsibility as the acceptor and for payment at maturity. See: Letter of credit and banker's acceptance.
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Definition 2.
The contractual agreement entered into when the drawee of a time draft writes "accepted" on the document and specifies a payment date. The drawee, thereby known as the acceptor, is responsible for making the payment at maturity.
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