Bill of exchange is a written order signed by the party drawing it, which directs a second party to pay to a third party a fixed sum of money at a certain time. The word party may refer to an individual, a bank, or a corporation. The party that orders the bill of exchange is called the maker, or drawer, of the bill. The second party is the drawee, and the third party is the payee. Sometimes the drawer of the bill may order that payment be made to the drawer.