Present for acceptance refers to the act of the holder presenting a bill of exchange to the payee and requesting the payee to promise to pay. For bills of exchange that are payable on a fixed date or are payable at regular intervals after issuance, the holder shall present the bill to the drawee for redemption before the due date of the bill.

For a bill payable on sight, the holder shall present it to the drawee for acceptance within one month from the date of issue; for a bill payable on demand, presentation for acceptance is not required. If a bill of exchange is not presented for acceptance within the prescribed time limit, the holder will lose the right of recourse against its predecessor.

Time limit for prompting for acceptance:

For a bill of exchange that is payable on a fixed date or is payable at regular intervals after issuance, the holder shall present the bill for acceptance to the payer before the due date of the bill. For a bill payable at regular intervals after sight, the holder shall present it to the drawee for acceptance within one month from the date of issue.

For a bill payable on sight, there is no need to present for acceptance, but a prompt for payment is required. The prompt for payment is one month after the issuance of the bill. If a bill of exchange is not presented for acceptance within the prescribed time limit, the holder shall lose the right of recourse against the previous holder other than the drawer.