An acceptance which in express terms varies the effect of the bill of exchange as drawn, and may be any of the following:
• Conditional: pays by the acceptor dependent on the fulfilment of a condition.
• Partial: pays part of the amount only for which the bill is drawn.
• Local: pays only at a particular or specified place.
• Qualified as to Time: a bill drawn for two months accepted payable in three months.
• Acceptance by some Drawees only: the holder may refuse to take a qualified acceptance and if they do not obtain an unqualified acceptance they may treat the bill as dishonoured.