____ are drafts that mature on the payment date set in the future.

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Time or term drafts are drafts that have a set maturity or payment date in the future, as opposed to being payable immediately upon presentation. They are also known as usance drafts, and are commonly used in international trade transactions. The payment date is typically based on factors such as the shipment date, the distance between the buyer and seller, and the customs clearance process.

____ Are Drafts That Mature on the Payment Date Set