draft

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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 classic literature ?
You will find in this draught a solace for all your troubles.
To carry it to his lips, and to half empty it at a draught, was the work of an instant, and the three travellers offered up thanks from the depths of their hearts to that Providence who had so miraculously saved them.
Yes, maybe she did promise not to venture forth on the cold floors of daybreak, but she had risen for a moment only, and we just t'neaded her with our talk about draughts - there were no such things as draughts in her young days - and it is more than she can do (here she again attempts to rise but we hold her down) to lie there and watch that beautiful screen being spoilt.
Finding that she was too sullen to speak to me after that, and too obstinate to take her composing draught from me when I offered it, I laid me down on the sofa at her bed foot, and fell asleep, as I have said.
As she still hesitated, being, in fact, in no reasonable state of mind, he took the infant in his arms, and himself administered the draught.
This whole book is but a draught --nay, but the draught of a draught.
And, Aylmer, I shall quaff whatever draught you bring me; but it will be on the same principle that would induce me to take a dose of poison if offered by your hand.
My draught of passion hath been deep-- I revell'd, and I now would sleep And after drunkenness of soul Succeeds the glories of the bowl An idle longing night and day To dream my very life away.
Mimi, towards whom the draught from the open door wafted the smoke, rose up choking, and ran to the inner door, which she threw open to its fullest extent, disclosing on the outside a curtain of thin silk, fixed to the doorposts.
Where nature is mighty, and therefore the victory hard, the degrees had need be, first to stay and arrest nature in time; like to him that would say over the four and twenty letters when he was angry; then to go less in quantity; as if one should, in forbearing wine, come from drinking healths, to a draught at a meal; and lastly, to discontinue altogether.
And the horses shook themselves, and the dogs jumped up and barked; the pigeons took their heads from under their wings, and looked about and flew into the fields; the flies on the walls buzzed again; the fire in the kitchen blazed up; round went the jack, and round went the spit, with the goose for the king's dinner upon it; the butler finished his draught of ale; the maid went on plucking the fowl; and the cook gave the boy the box on his ear.
In a moment we were all three groping about on our hands and knees, feeling for the slightest indication of a draught.