Viðskiptakref

Viðskiptakref, or trade draft, is a financial instrument used in international trade. It is a draft issued by an exporter that orders the importer or the importer’s bank to pay a specified amount. The payment can be demanded on sight (immediately) or at a future date, depending on the terms of the draft.

In a typical transaction, the exporter (drawer) presents the draft together with shipping documents to a bank. The bank sends the draft to the importer’s bank for collection. The drawee either pays at sight or accepts the draft and pays at maturity. The bank releases the documents to the drawee only when payment or acceptance is obtained. When used with a letter of credit, the draft functions as a payment instruction under the credit and is governed by the relevant rules.

Two common variants are sight drafts and time drafts. Sight drafts are paid on presentation; time drafts are payable on a stated future date or after a stated period following presentation.

Risks include the exporter’s non-payment risk, drawee’s default, and documentary discrepancies. Banks mitigate risk by handling the collection process and, in the case of credits, by applying the terms of the credit (UCP 600) and collection rules (URC 522).

Compared with direct payment or a formal letter of credit, viðskiptakref offers a balance between risk and cost, giving exporters faster access to funds while allowing buyers some payment flexibility. It remains a common instrument in international trade and trade finance.