draft

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Related to drafters: draftsman, draughtsman

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 ?
rule drafters surveyed of the six substantive canons covered, followed
We think it is important that the public know what changes were made in this tax, and were fortunate enough to have the principal drafters themselves speak on this panel.
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.
A significant portion of each manual instructs drafters on how to format a bill or amendment.
Though the statute's drafters, Tibbetts says, focused on procedural improvements, he also identifies some substantive improvements in the current foreclosure statute.
The drafter from military-ruled Myanmar, however, has opted to leave the issue up to his foreign minister to decide, while the drafters from Cambodia, Laos and Vietnam said they cannot commit because they have yet to establish their respective human rights commissions.
Using his knowledge of constitutional, international, and comparative law, Knechtle served as an adviser last year to the drafters of the new Iraqi constitution.
State legislatures employ professional bill drafters to mold a legislator's idea into a clear, concise, well-organized and legally correct bill draft.
Sometimes, this effort results in exactly the opposite of what the drafters intend, obfuscating the meaning of the statement.