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Give word / term or phrase for the following statement.Payment of the bill before due date. |
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Answer» Retirement Explanation: A bill is said to be retired when the acceptor of a bill expresses his willingness to make the payment of the bill before its due date. In such cases, the holder of the bill generally allows a discount to the drawee, which is called rebate. This rebate is a gain for the party that makes the payment (i.e. the drawee) and is expense to the party receiving the payment (i.e. the drawer). |
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