Promissory note
A written document, drawn up by the importer in favour of the exporter, which contains an unconditional promise to pay a definite sum of money on demand or on a specified future date. The only difference between a promissory note and a bill of exchange is that the maker of the note pays the exporter personally, rather than ordering a third party to do so. When endorsed by the exporter, and if the buyer is creditworthy, a promissory note can be used in forfaiting.