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Im going through the section C of the bbp book, Transportation and payment of international business transaction.
However i came across some words that im not clearly understanding their meaning.
Such as what does it mean when they say the sender is “Bound by the payment” under the obligation of the sender?
For ex.: When the payment order is subject to authentication, the sender is then bound by the payment.
Next, what does it mean when a bill is payable on demand?
So being “bound by the payment” essentially means that as a result of the payment the sender is legally obliged “bound” and therefore must comply with the terms.
A bill being “payable on demand” means that payment must be made when its is asked for by the creditor.
I hope this helps clarify 🙂