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Related to draft: bank draft, Military draft


A written order by the first party, called the drawer, instructing a second party, called the drawee (such as a bank), to pay money to a third party, called the payee. An order to pay a sum certain in money, signed by a drawer, payable on demand or at a definite time, to order or bearer.

A tentative, provisional, or preparatory writing out of any document (as a will, contract, lease, and so on) for purposes of discussion and correction, which is afterward to be prepared in its final form.

Compulsory Conscription of persons into military service.

Also, a small arbitrary deduction or allowance made to a merchant or importer, in the case of goods sold by weight or taxable by weight, to cover possible loss of weight in handling or from differences in scales.

A draft that is payable on demand is called a sight draft because the drawee must comply with its terms of payment when it is presented, in his or her sight or presence, by the payee. In contrast, a time draft is one that is payable only on the date specified on its face or thereafter.

A draft may be payable to a designated payee or to the bearer—the person who has possession of the draft at the time it is presented to the drawee for payment—pursuant to the drawer's directions.

A draft is sometimes synonymous with a bill of exchange, Commercial Paper, or negotiable instrument.


1) n. a bill of exchange or check in which one party (including a bank) is directed by the party drafting (writing) the bill or check to take money from the drafter's (writer's) bank account and pay it to another person or entity. 2) v. to prepare and sign a bill of exchange or check. 3) n. a less than final document, which is ready for discussion, re-writing and/or editing, such as a book, a proposal, or a legislative bill. 4) n. compulsory enrollment of non-volunteers for military service by lottery, as existed under the Selective Service System during World War I, from 1940 as World War II threatened to involve the United States, through the Korean and Vietnam conflicts until 1973. Since 1980 all men are required to register at 18, but there is no draft or call-ups. (See; bill of exchange, check)


noun acceptance bill, bank check, bank note, bank paper, bill, bill of exchange, cashier's check, check, commercial paper, debenture, letter of credit, lettre de change, money order, negotiable instrument, negotiable paper, note, order, order for payment, promissory note, voucher, warrant
Associated concepts: bill of exchange, check, overdraft, sight draft
See also: bill, blueprint, check, coerce, compel, compose, conceive, contrive, course, delineate, design, direction, document, enroll, formulate, frame, instrument, invent, make, nominate, note, originate, pattern, plan, program, proposal, recruit, require, select, suggestion
References in periodicals archive ?
The draft will be reviewed and public hearings held before a formal proposal is issued in September.
A key benefit, zero draft eliminates the machining of draft to provide clearances for mating parts and assembly; provides consistent wall thickness for weight reduction and aesthetic appeal; allows simple fixturing for machining and inspection; and allows pattern construction to become more accurate and efficient.
Each time we completed a new version of a section draft, we returned it to the core drafting group for review, which took the form of a roundtable discussion.
The logical structure of the virtual machine relies on flexible rules that can incorporate one or more drafts into consciousness, fostering the deluded intuition that a single stream of consciousness pours forth, he asserts.
Steinberg said Stroh wanted to enter the draft category since it has grown at an annual rate of nearly 40 percent over the past five years.
Final Draft 9 offers over 30 new and improved features plus a new look and feel for both Mac and Windows users.
Picking a foreign player, or two, is practically the only feasible way the Clippers can help themselves in this draft.
However, Korb also said that if the United States invades Iran he would favor a draft.
The draft legislation addresses a number of technical problems with the Income Tax Act that have accumulated during the last several years.
As it happens, that poll did not describe the kind of draft that Rep.
The comment deadline for the FASB exposure draft is May 31, 1996.