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: a document (as check, letter of credit, or bond) other than paper money that evidences a debt.
The credit instrument enables the creditor to hold the host instrument to collect from his debtor. Credit instruments facilitate exchange transactions. To increase volume production, producer's farmers, manufacture and merchants avail themselves credit both use of the proper credit instrument.
Banking instruments include cheques, drafts, bills of exchange, credit notes etc. It is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, with the payer named on the document.
Promissory Note: Bill of exchange: Advantages of a bill of exchange: Hundis: Cheques: Advantages of Cheques: Bank Drafts: Clearing House:
Investment Credit Instrument (BONDS) Bonds are the promises to pay the principal as well as the interest to its holder at a certain specified time indicated in the instrument. Bonds represent certificates of indebtedness on the part of the corporation which issued them.
In general, bank instruments are denominated debt instrument (papers) issued by large banks and institutions to named parties for specified terms. These instruments may be used as funding collateral or to enhance credit, trade or to enter into private placement programs.
FEATURES OF A CREDIT INSTRUMENT: It is a written evidence of the existence of an obligation on the part of the debtor, or a claim on the part of the creditor. It shows the degree of risk that confronts the creditor with respect too the collection of the debt. It shows the nature of the debtor-creditor relationship.