draft


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Related to draft: bank draft, Military draft

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 ?
Draft Law on Food: Draft in English is completed with support from FAO and will be translated into Khmer.
Craft has historically been draft-friendly, largely because getting set up for draft was cheaper and easier than bottles in the early days of craft brewing.
Jerry is the president of a local draft horse club called Ozarks Draft Horse Association and he and his wife Judy care for an ever-changing number of beautiful registered Percheron draft horses.
Despite lofty talk of freedom and democracy, the true nature of the Iraq war may very well lie in the Iraqi oil law and certainly was revealed in the July draft, written by oilmen (or friends of oilmen) for oilmen (or friends of oilmen), with little regard for the needs of Iraq and its people.
Draft-and-follows almost exclusively comprise the final 30 rounds of the 50-round draft.
Once again, the new proposed draft returns to the literal translation from the Latin, and becomes: "Lord, I am not worthy that you should enter under my roof, but only say the word and my soul shall be healed.
The first American draft, which was instituted in 1862 under the Confederate government, conscripted manpower not only for the military, but for economic and industrial purposes as well, in the service of what historian Jeffrey Rogers Hummel calls a system of "war socialism.
Trigon's previous document requests included draft reports;
One obvious factor is the end of the draft in 1973, which no longer forces every young man to consider the possibility of military service.
When Tom Cornell informed his draft board that he lacked a draft card, he did so not out of a sense of civic duty or because he desired to follow the letter of the law.
Sociologist Charles Moskos, the prime architect of the Clinton administration's "don't ask, don't tell" policy concerning gays in the military, grabbed headlines with his December 31 remarks to scholars at the Center for the Study of Sexual Minorities in the Military, a research organization at the University of California, Santa Barbara, that "don't ask, don't tell" should be suspended if the draft is reinstated.
In times of war, the government has the power to draft people.