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What is Check / Cheque
Check / Cheque is a security containing an unconditional order of drawer to drawee to pay for the check the amount indicated on the check.

Check (British English - Cheque) is a security containing an unconditional order of drawer to drawee to pay for the check the amount indicated on the check. Check is one of the oldest payment instruments, which must include at least the following information:

  • Unconditional order to pay a check amount and the designation that it is a check
  • The name of the drawee - the one who has to pay (usually a bank)
  • Place of the check payment
  • Date and place of issue of the check
  • Signature of the drawer

Note: Check, unlike the promissory note, is the bank form.

Use of the check in practice: Check / Cheque is a simple payment instrument that allows the settlement of obligations to various creditors. Entity that pays the check (drawee) is usually a bank or a third party. The amount may be paid in cash or by bank transfer.

Check is similar to bill of exchange and promissory note.

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Last update: 13.11.2012

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