A bill of exchange payable at some future date, for example, 90 days after the date of the bill or after sight (that is, acceptance or refusal by the drawee), is called a time, term or usance bill or draft. On delivery of a time bill to the drawee, if the drawee accepts its liability to pay on the relevant future date, it signs the bill, thereby becoming liable on the bill. The drawee is then called the acceptor.