Qualified Acceptance Definition:

An acceptance of bill of exchange which varies the effect of the bill as drawn. It only affects the rights of those previously liable on the bill. Normally the drawer presents the bill for acceptance and need not accept the qualification. If the bill has been negotiated before acceptance the holder is not bound to take a qualified acceptance when he presents the bill, may treat the bill as dishonored. If he takes a qualified acceptance he releases from liability all previously signatories who did not assent. The partial acceptance, i.e., only part of the sum specified, does not release the previous signatories providing they are notifies.