- acceptance
- A time draft that has been accepted for payment.See banker's acceptance. American Banker Glossary————Contractual agreement instigated when the drawee of a time draft "accepts" the draft by writing the word "accepted" thereon. The drawee assumes responsibility as the acceptor and for payment at maturity. Bloomberg Financial DictionarySee: letter of credit and banker's acceptance. Bloomberg Financial Dictionary
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acceptance ac‧cept‧ance [əkˈseptəns] noun1. [uncountable] taking or agreeing to take something offered:• Indonesia's acceptance of aid from western countries
2. [uncountable] when someone accepts a plan, idea, agreement etc:• A judge can force acceptance of a bankruptcy plan.
3. COMMERCE [uncountable] when a buyer agrees to take goods from a seller and must therefore pay for them4. [uncountable] MARKETING the willingness of people to buy a product, especially a new or changed product:• The company's earnings have fallen in the last four years owing to poor acceptance of new products.
• The key issue driving consumer acceptance of this technology is pricing.
• The takeover offer has received acceptances from shareholders representing 160 million shares.
6. [countable, uncountable] BANKING agreement to pay a bill of exchange, the words on a bill showing this agreement, or the accepted bill itself:• Bankers' acceptances require actual certificates to be delivered the same day.
ˌpartial acˈceptance [countable usually singular] BANKINGagreement by someone to pay part of the value of a bill of exchange, with other acceptors responsible for paying the rest* * *
acceptance UK US /əkˈseptəns/ noun► [U] the act of agreeing to something such as an offer or invitation: »The board has recommended acceptance of the offer.
»On acceptance of the proposal, a draft agreement will be sent to both parties.
► [U] COMMERCE, LAW the act of formally agreeing to buy or sell goods at a particular price or to use something in a particular way: »We will confirm acceptance of your order by email.
»A formal letter of acceptance is sent to the successful supplier.
»Placing of an order constitutes acceptance of our terms and conditions.
► [U] MARKETING willingness of people to use a new product or service or to believe a new idea: gain/find/win acceptance »These devices are gaining acceptance within the marketplace.
consumer/customer/public acceptance »The project aims to assess consumer acceptance of GM foods.
► [C] FINANCE an agreement by a shareholder to sell their shares to another company during a takeover: »The bidding company has received acceptances in respect of 73.27% of the issued shares.
► [C or U] FINANCE an act of agreeing to pay a bill of exchange (= a written order to pay someone a particular amount of money) by writing your name on the document, or the document itself: »In essence, an acceptance is a promise to pay.
► [U] INSURANCE an agreement or contract between an insurance company and a customer to provide insurance: »This life insurance plan offers guaranteed acceptance for the over 50s.
► [U] IT, PRODUCTION approval of a new machine, computer system, etc. after testing it to check that it works correctly: »A number of acceptance tests were performed.
→ See also BANKER'S ACCEPTANCE(Cf. ↑banker's acceptance), DOCUMENTS AGAINST ACCEPTANCE(Cf. ↑documents against acceptance), NON-ACCEPTANCE(Cf. ↑non-acceptance), USER ACCEPTANCE TEST(Cf. ↑user acceptance test)
Financial and business terms. 2012.
