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)

References in periodicals archive ?
This Part draws on the author's 195-question survey of federal agency rule drafters that covered a variety of topics related to agency statutory interpretation and rule drafting.
The rule drafters were generally more familiar with the
It is clear the drafters of the Communique were not certainly for a federal system of governance.
Whatever the original reason for the shift, there is another more important reason that caused drafters to almost completely abandon safe-harbor allocations in favor of targeted allocations.
"It may therefore require some time for the legal drafters to finish drafting as it is a very extensive piece of draft legislation," Minister KuugongelwaAmadhila said.
This should be a starting point for the drafters of commercial laws such as the MBCA.
The drafters took a comprehensive approach to reorganisation of the various laws, and did not confine their attentions to older laws--even the Contract Law, which was issued in 1999, received attention and the addition of a few additional chapters.
The primary goal for drafters is to use words in their ordinary sense so that they do not need to be defined.
They provide evidence of what drafters mean when they employ certain language.
The drafters of the new law, he says, did not intend to change parties' substantive rights but, instead, focused on clarifying and providing more detail in foreclosure procedure.
An accompanying DVD-ROM includes trial software for the program, and many examples to get drafters started.
The first secretary of the US Treasury and one of the drafters of the US Constitution, Hamilton is credited with creating the fledgling nation's banking and customs systems and the Coast Guard.