1. The drawer is the person who draws up the bill for the amount due to him.
2 The drawee is the person on whom the drawer has drawn the bill for acceptance.
3 The Acceptor is the drawee of the bill, he accepts liability and undertakes to pay the amount of the bill on the due date at an appointed place usually his bank.
4. The Payee is usually the drawer of the bill who has received it from the acceptor.