Question

Briefly explain the purpose and benefits of retiring a bill of exchange to
the debtor and the creditor.

Answer 1

Answer:

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Answer 2

Purpose and benefits of retiring a bill of exchange

Explanation:

• Retirement of bills of exchange is honoring the bill before time. Retiring a bill means payment before the due date.
• When a bill acceptor is prepared to pay the bill before the due date, he may ask the holder to accept the payment, so that he receives any refund or discount for the unexpired duration. Such a discount or refund is a cost for the party accepting the payment and a benefit for the party making the payment.