International Trade - Bank Draft / Bank Draft & Transmittal

The Bank Draft and the Bank Draft & Transmittal Letter are used as a negotiable instrument and must contain all of the following elements: It must be signed by the drawer; it must be payable on demand (sight) or at a specific time(time); it must contain an unconditional order to pay a certain sum of money; and it must be properly endorsed either to the drawer or to the drawer's bank. The transmittal-remittance letter contains the shippers complete and precise instructions on how the documents are to be handled and how payment is to be made.