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 periodicals archive ?
B), it is worth underscoring the widespread influence of Chevron deference on the agency rule drafters surveyed.
A, nearly four in five rule drafters reported that their agencies
To assist in the drafting process, careful drafters engage the help of accountants or other professionals who are skilled at modeling partnership allocations, including allocations of debt among the partners and the dreaded Sec.
The drafters also sought to expand the scope of the civil law in a number of significant respects.
A typical exchange between the advisory group and the constitutional committee, he said, would go something like this: One of the Iraqi drafters would have a question about, or take issue with, the legality of a section or a particular statement within the draft constitution.
Drafters often cringe when a legislator submits a draft and says, "Just draft me up this model legislation.
Drafters are able to do all of this using the set of Fiber tools included with the application that simplify the fiber outside plant design process and provide standards to drafters/contractors performing design.
The Pope issued a new appeal yesterday to drafters of a European constitution to include explicit mention of the continent's Christian roots in the document.
Leslie and Benjamin Griffin drafters, Brian Hillyard leader);
Both pointedly ignore the 1780s Virginia struggles that shaped thinking on church-state separation, the congressional debates on the wording of the First Amendment, and the clear intent of the post-Civil War drafters of the Fourteenth Amendment.
The techniques used by plain language drafters tend to detach the law from particular texts and to blur the conventional distinction between text and context, la this way, plain language drafting draws attention to the malleable character of texts and the make-it-up-as-you-go-along character of law.
In speculating upon the form a new ergonomics rule might take, it could be that drafters will find it to be more acceptable and appropriate to use a performance-based approach rather than a prescriptive standard.