The three parties involved in a bill of exchange

There are three parties in a bill of exchange:

1. The drawer is the person who makes the bill of exchange. She/he is a person who has granted credit to the person on whom the bill of exchange is drawn. The drawer is entitled to receive money from the drawee (acceptor).
2. Drawee is the person on whom the bill of exchange is drawn for acceptance and to whom credit has been granted by the drawer. He/she is liable to pay money to the creditor/drawer.
3. The payee is the person who receives the payment from the drawee. Usually, the drawer and the payee are the same people.