Draft

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Related to drafts: checkers, bank drafts

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 ?
Miller now produces its own Genuine Draft Lite beer.
Perceptual "filling in," or an instantaneous memory revision by the brain, cannot explain color phi, because the various drafts that make up the phenomenon do not reach awareness at precisely the same moment, Dennett contends.
The majority of the members of the plenary session supported the draft of the Notary Law on Amendments to the Law on Notarians and the draft Law on Amendment of the Value-Added Tax Law.
The minister said that draft of amendment in Indus River System Authority Act 1992 (Chashma Right Canal Lift Irrigation Canal Project) had also been approved.
For now, Panelo acknowledged there was still no final draft federal Constitution since proposed amendments are still being discussed in Congress.
The Consultative Committee (Con-com) issued this clarification on Wednesday after netizens have claimed that copies circulating online were the final and approved draft.
"I knew I would get drafted, but I didn't know when," Dorsey said Friday.
There does seem to be one consistent theme when it comes to Pittsburgh and the draft. The Steelers are likely to draft a pass rusher, one that could eventually replace the aging James Harrison.
Before delving into the various origins of legislative drafts, it is important to understand the basic structure of a congressional office and the relation ship of legislative staff to members of Congress.
I covered my first draft for Baseball America in 1997, as a truly peripheral part of the magazine's coverage.
No other e-mail service but Yahoo had the advantage that a draft once prepared, could be saved and used as many times as needed, each time filling a new date or other required entries.
The term "draft" in draft horses comes from the word draught, which means to pull.