Settlement can be by immediate payment if the Bill is 'at sight', or acceptance if the Bill is 'term' ie. where a credit period is given. With term bills, the Importer accepts the Bill of Exchange and in so doing, undertakes to make payment on an agreed future date. It is important to note that payment is not guaranteed by the Importer's bank (Presenting Bank) even when the Importer has accepted a bill. At maturity, the Presenting Bank will contact the Importer and present the accepted bill for payment.