Payer 3 : A party responsible for the payment as evidenced by the given instrument. Under letters of credit, the payer is the party on whom the draft is drawn, usually the drawee bank
US Department of Transportation, Maritime Administration, Glossary of Shipping Terms, Washington, DC, USA 2008. http://www.marad.dot.gov/documents/Glossary_final. pdf, (Mrtm - Amer) {572}
