TeachMeFinance.com - explain Usance
Usance -- The common period fixed for payment by usage, custom, or habit of dealings between the country where a bill of exchange is drawn and that where it is payable. It varies according to the countries involved.
Usance -- A period of time, variable as between different
countries, which, by commercial usage, is allowed for payment
of foreign bills of exchange, exclusive of days of grace.
On bills drawn in China and India on European centres commercial
usage has established a usance of four months.
Double-usance and half-usance are recognized.
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