Calculate the Legal Due Date for a Bill

What is the legal due date for a bill drawn on 14-06-2013 for 3 months? The legal due date for a bill drawn on 14-06-2013 for 3 months would be 17-09-2013, when the three 'days of grace' are included.

When a bill is 'drawn' on a specific date for a certain term, the legal due date for payment needs to be calculated with consideration of the term and any additional days allowed, such as the 'days of grace'.

In this case, a bill was drawn on 14-06-2013 for a term of 3 months. To determine the legal due date, we need to add 3 months to the drawing date, which brings us to 14-09-2013. However, in business practices, an extra three days, known as the 'days of grace,' are typically added to the due date.

Therefore, adding the 'days of grace' to the calculated due date of 14-09-2013, the final legal due date for the bill drawn on 14-06-2013 would be 17-09-2013. This is the date by which the payment for the bill would be legally expected.

In conclusion, when calculating the legal due date for a bill drawn for a specific term, always consider any additional days of grace or specific business practices that may apply to ensure timely payment and adherence to legal obligations.

← Understanding the given account balances Economic effects of price floor surplus equilibrium and impact on market →