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TeachMeFinance.com - explain Payment for honor historic definition... Payment for honor -- Payment by a party other than the drawee (the one drawn upon) of a bill of exchange (draft) which has not been honored by the drawee. The purpose is to save the honor (credit) of the drawer, who is looked to to protect or reimburse the one who makes the payment. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.