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How to draw up a bill of exchange

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Law on bills of exchange

How to draw up a bill of exchange

Obligation under the bill of exchange

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How to draw up a bill of exchange

Drawing up a valid bill of exchange is not a simple task. It is a highly formalised document with a specific structure and content. It must be drawn up in accordance with strictly defined legal requirements. Failure to comply with these may render the bill of exchange invalid.

Types of bills of exchange

Promissory note (otherwise known as a simple bill of exchange or sola bill of exchange) contains an unconditional promise by the person issuing the bill of exchange to pay a specified sum of money. With it, therefore, the issuer of the bill of exchange himself undertakes to pay.

Bill of exchange (a.k.a. drawn bill of exchange, transferred bill of exchange or trata) is a bill of exchange containing an unconditional order to pay a specified sum of money at a specified time and place, which is addressed to a designated person. The issuer of the bill of exchange (known as the draftsman) thus instructs his debtor (known as the draftee) to make payment of a sum of money to or on behalf of the creditor of the issuer of the bill of exchange (known as the remitter).

How to draw up a bill of exchange is provided by the relevant provisions of the law on bills of exchange

Among the statutory elements of a promissory note, according to the bill of exchange law, include:

  • the name 'bill of exchange' contained in the text of the document, in the language in which it was issued,
  • a promise of unconditional payment of a specific sum of money,
  • indication of the time limit as well as the place of payment,
  • the name of the person who is to accept the payment or who is to have it made,
  • indication of the date and place of issue,
  • the signature of the person who issued the bill of exchange.


A document that lacks one of the above-mentioned characteristics will not be considered a promissory note.

However, the law on bills of exchange allows three exceptions to this rule:

  • A promissory note that does not specify the date of payment shall be deemed to be payable on presentation,
  • In the absence of any designation, the place where the bill of exchange is drawn up shall be deemed to be the place of payment and the residence of the drawer,
  • A promissory note which does not indicate the place of issue shall be deemed to have been issued at the place next to the issuer's name.


Among the statutory elements of a bill of exchange, according to the bill of exchange law, include:

  • the name 'bill of exchange' in the text of the document itself, in the language in which it was issued,
  • An unconditional order to pay a specific sum of money,
  • the name of the person who is to pay (the scrivener),
  • indication of the date and place of payment,
  • the name of the person to whom or on whose instructions payment is to be made (the remitter),
  • indication of the date and place of issue of the bill of exchange,
  • the signature of the issuer of the bill of exchange (draftsman).


A document that lacks one of the above-mentioned characteristics will not be considered a bill of exchange. However, even from this rule bill of exchange law allows three derogations:

  • A bill of exchange that does not have a time limit for payment shall be deemed to be payable on presentation,
  • the place mentioned next to the name of the draftsman shall be deemed to be the place of payment and the place of residence of the draftsman if the bill of exchange does not bear a separate designation,
  • the place indicated next to the issuer's name shall be regarded as the place of issue if the bill of exchange does not bear a separate designation.

In both cases, the listed elements may be placed on the promissory note in any order.

The most important thing is that they form a logical whole, are covered by the issuer's signature and establish the issuer's will beyond doubt.

Solicitors know how to draft bills of exchange

W law firms different types of bills of exchange are drawn up in daily practiceWe also draft bills of exchange, declarations, indorsements and avals. Our specialists explain the clauses on the bill of exchange to their clients, claim the bill of exchange amounts and draw up legal opinions and analyses of existing, often complex, disputes over monetary benefits under promissory notes. They use their knowledge and experience to best protect the interests of their clients and effectively assert their rights.

It is worth entrusting formal matters to competent persons to ensure that no shortcomings are made that will affect the overall business.

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