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 ?
On the sidelines of the meetings of the Libyan Constitution Drafting Assembly, Alawi met with Martin Kobler Special Representative of the UN Secretary General.
Alawi also met with Jordan's Former Prime Minister Taher Al Masri expert of the meetings of the Libyan Constitution Drafting Assembly, where they exchanged views on a number of regional and international issues of common concern.
First, as a simple descriptive matter, a more detailed understanding of the varieties of legislative drafting deepens our knowledge of Congress and the legislative process generally, critical components of our constitutional system.
Part IV suggests some possible implications of the more textured view of legislative drafting on these legal debates and identifies further avenues for research.
Each time we completed a new version of a section draft, we returned it to the core drafting group for review, which took the form of a roundtable discussion.
The audit partner participated in or was represented at due diligence and drafting meetings and advised management on many policy and accounting issues.
The experimental CAD sections in the study replaced traditional drafting tools with a CAD system--the course content was not changed.
Is there a significant difference between the students who learned drafting using the traditional drafting tools and students who learned it using a CAD system, with respect to a student's achievement in drafting?
On ensuring transparency, a public information and civic education campaign must be conducted once the rules and procedures of the constitution-making process are determined by the drafting body.
lot 2: drafting phase "working draft" for the project: rehabilitation of municipal road szr 1023 / ii-55 / panicherevo - boundary municipality / gurkovo - nikolaevo / - edrevo - elhovo - boundary municipality / nikolaev - muglizh / - / iii - 5007 / municipal road szr 2101 / iii - 5007 / nikolaev - boundary municipality / nikolaev - gourkovo / - brestova - dvorishte - zhyltopop km2 of +900 to + 900 km.4 /;
Friedlander of the Rochester Chapter contributed materially in the drafting of the letter.