draft

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Related to drafts: checkers, bank drafts

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.

draft

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)

draft

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 ?
We've only hit the tip of the iceberg on what's going to be available on draft.
Although drafts were used mostly for work in times past, they are now just as likely to be used as riding horses.
In the past, clubs have retained signing rights until the following May, with the deadline coming a week before the next season's draft.
Counsel shall preserve all drafts of expert reports and evidence of communications with experts (or with any intermediaries between counsel and the expert) on the subject of their actual or potential testimony and shall instruct their experts and any intermediaries to do likewise.
1) The FIE Rules were first announced in the February 1999 federal budget and were subsequently modified by June 22, 2000, draft legislation; a September 7, 2000, press release; August 2, 2001, draft legislation; October 11, 2002, draft legislation; and the October 30, 2003, draft legislation.
The swiftness with which the government reacted to draft card burning radicalized many Catholic activists and broadened support for nonviolent resistance.
iSCSI will likely follow the timeframe goals the IPS Working Group adopted in its charter--a February 2001 requirements draft and a May RFC proposal.
Everyone involved should understand what the finished product should look like before beginning the draft.
Perceptual "filling in," or an instantaneous memory revision by the brain, cannot explain color phi, because the various drafts that make up the phenomenon do not reach awareness at precisely the same moment, Dennett contends.
In the Vietnam-era draft, the upper classes again had their less-privileged countrymen do the nation's dirty work.
The responses published in today's document 'Prism: Market Feedback and Clarifying Responses - Part 2' follows a similar response document published in September 2006 which referred to earlier exposure drafts.
The last couple drafts, I think, have been stronger,'' Baylor said.