Data that must be available on the draft, A bill is a tripartite commercial paper that includes an order issued by a person called (the drawer) directed to another person called (the drawee) to pay a certain amount of money upon perusal or on a specific date or assignable to a third person called (the beneficiary) being the creditor of its value And the beneficiary has the right to endorse it by assigning it to others before the maturity date to replace him in receiving its value and this is called the holder of the bill.
The bill plays an important role in commercial life as it is considered a debt fulfillment tool due to its ability to endorse it by assigning it to others until the maturity date, and the last holder of the bill presents the drawee with a request to fulfill its value. Include it in order to pay off the debt.
The bill is considered one of the commercial papers that must be written with a great deal of accuracy, because the possibility of a mistake in writing the bill may lead to negative consequences for the rights holders, whether the drawer or the drawee or the beneficiary of the bill, so in this article we will explain what data is required Its availability on the draft, and the data that is not required to be available.
The Saudi Commercial Paper System has defined the data that must be available on the draft to be legally valid, and they are as follows:
1- Writing the title of the instrument in the text, which is the word (bill of exchange) and it is in clear handwriting, and if the bill is written in a language other than Arabic, then the address is written in this language.
2- Writing a non-pending order stipulating the payment of a certain amount of money.
3- The name of the person obligated to pay it (the drawee).
4- Writing the due date.
5- Writing the place of paying the bill.
6- The name of the person whose order or payment is to be fulfilled.
7- Writing the date of creating the bill.
8- Writing the place where the bill was created.
9- Signature of the person who created the bill (the drawer).
The system of commercial papers also clarified that if the bill is devoid of a statement of the maturity date, it is considered due to be paid upon review. The place of its establishment, considered established in the place shown next to the name of the drawer.
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