Acceptor
Definition
The person or institution that signs a bill of exchange, formally accepting responsibility to pay the stated amount on the due date.
Example
Example 1:
A Lagos importer receives a bill of exchange from his Chinese supplier and signs it, the moment he puts his signature on it, he becomes the acceptor, legally committing to pay the full amount on the agreed date.
Example 2:
A New York retailer importing goods from a French manufacturer signs the bill of exchange presented to him, by doing so he becomes the acceptor, and the signed bill can now be traded on the money market as a guaranteed payment instrument.