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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 ?
Furthermore, the drafting body must put up a website wherein updates on the working draft and the writing process are posted.
The drafting process was the most time-consuming part of the IPO and needed the most improvement.
Is there a significant difference between the students who learned drafting from instructor 1 and students who learned drafting from instructor 2, with respect to a student's achievement in drafting?
Ixio, the Ixio logo, QShift, the QShift logo, "Knowledge at the point of practice," "Smart document drafting - on demand," and "Practice on Demand" are trademarks or service marks of Ixio Corporation.
Note to Editors: SDRC and I-DEAS are registered trademarks, and I-DEAS Drafting and Dynamic Navigator are trademarks of Structural Dynamics Research Corporation.
HLB's Architectural/Mechanical CAD FONTS will not only draw all those different font styles, but has the added advantage that it will construct 'stacked' fractions and many ANSI type drafting symbols.
LMASC has already begun migrating its design processes to CATIA- CADAM Drafting and ProductManager.
Today, Solid Edge combines all the advantages of high-performance 3D solid modeling with production-ready 2D drafting capabilities.
With Abdur-Rahim available, Raptors general manager Isiah Thomas admitted that he would consider drafting Abdur-Rahim.
0 got a large boost today from Autodesk, the leading supplier of design and drafting software and one of the largest providers of software for the Windows NT(R) operating system (OS).