inland bill

Friendly

Word: Inland Bill

Definition: An inland bill is a type of financial document known as a bill of exchange. It is a written order where one person (the drawer) asks another person (the drawee) to pay a certain amount of money to a third person (the payee) within the same country. In simpler terms, it’s like a promise to pay someone money, and both the person who writes it and the one who pays it are in the same country.

Usage Instructions:

• An inland bill is used in business transactions and can be a way to ensure payment for goods or services.
• It is important to include all necessary details such as the amount, the parties involved, and the payment date.

Example:

• "The company issued an inland bill to ensure that the supplier would receive payment for the goods within 30 days."

Advanced Usage:

• Inland bills are often used in trade and finance to facilitate transactions. They can be transferred from one party to another, allowing for flexibility in payments.

Word Variants:

• Bill of Exchange: This is a broader term that includes inland bills and other types of bills (like foreign bills).
• Drawer: The person who writes the inland bill.
• Drawee: The person who is ordered to pay the money.
• Payee: The person who will receive the money.

Different Meaning:

• "Bill" can also refer to a proposed law in government (e.g., a bill that must be voted on by lawmakers) or a statement of charges for services (e.g., a restaurant bill).

Synonyms:

• Draft
• Promissory note (though this is slightly different)
• Exchange bill (when referring to bills that may involve different countries)

Idioms and Phrasal Verbs:

• "To cash a bill": This means to get the money that is due from the bill.
• "To settle a bill": This means to pay the amount that is owed.

Summary:

An inland bill is a useful financial tool in business, ensuring that payments are made within the same country.

Academic

Noun

1. a bill of exchange that is both drawn and made payable in the same country