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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 ?
The audit partner participated in or was represented at due diligence and drafting meetings and advised management on many policy and accounting issues.
Ixio's flagship product, QShift, is a patent-pending smart document drafting system employing applied knowledge management techniques and deployed as an Internet-based, on-demand computing service.
They have taken a two-prong approach whereby customers first migrate CADAM data to I-DEAS and continue using existing 2D drafting processes with I-DEAS.
To alleviate this problem we have taken many different fonts from HANDWRITTEN to OLD ENGLISH and included many common drafting symbols and all the engineering fractions from 1/2 to 63/64ths drawn in the same style as the font.
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).
The Cadra suite encompasses a wide variety of CAD/CAM/CAE functions: design drafting, numerical control, solids modeling, and electrical control and power systems design.
The Cadra CAD/CAM/CAE component is made up of four software solutions: Cadra Solids (3D modeling), Cadra Design Drafting (detail drafting), Cadra NC (multi-axis numerical control programming) and Cadra E (electrical control and power systems design).