When an instrument is delivered for payment, a person that is technically liable on it is required to pay the indicated sum without turning to a third party. It is accurate to say this.
Who is the party making the payment commitment to the instrument's specified amount?
The person who has the authority to sign a cheque, drafting, promissory note or other marketable instrument is known as the drawer or maker. He guarantees to pay the sum specified in the note by signing it.
It is the responsibility of the Drawers to reimburse the Owner if the Drawer has received proper notice from the Acceptor or Drawee that the Bill of Exchange has been dishonored.
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