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)

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 classic literature ?
He read the draft for the Will first, pausing and knitting his brows distrustfully, wherever he found blank spaces left in the manuscript to be filled in with the names of persons and the enumeration of sums bequeathed to them.
Like the animals upon which the warriors were mounted, the heavier draft animals wore neither bit nor bridle, but were guided entirely by telepathic means.
The chiefs disposed their men this way and that before the fight began, drafting them out as easily as goatherds draft their flocks when they have got mixed while feeding; and among them went King Agamemnon, with a head and face like Jove the lord of thunder, a waist like Mars, and a chest like that of Neptune.
Astor to have coasting vessels of his own, at Astoria, of small tonnage and draft of water, fitted for coasting service.
The packed mass ran from the cabin partition to the sliding door behind the fo'c'sle stove; and Disko showed how there is great art in stowing cargo so as to bring a schooner to her best draft.
The present draft, besides innumerable verbal alterations and improvements upon the original, is more carefully punctuated, and, the lines being indented, presents a more pleasing appearance, to the eye at least.
So you can imagine me dashing off the most correct French letters; and, if you don't believe it, I will keep the rough draft to show you when I go back.
I send, in case such may make matters easy for you, a banker's draft for 200 pounds.
A ball itself could not have been more welcome to Catherine than this little excursion, so strong was her desire to be acquainted with Woodston; and her heart was still bounding with joy when Henry, about an hour afterwards, came booted and greatcoated into the room where she and Eleanor were sitting, and said, "I am come, young ladies, in a very moralizing strain, to observe that our pleasures in this world are always to be paid for, and that we often purchase them at a great disadvantage, giving ready-monied actual happiness for a draft on the future, that may not be honoured.
Two years after this visit a letter came to Tuskegee from this man, which read like this: "Enclosed I send you a New York draft for ten thousand dollars, to be used in furtherance of your work.
The curtain at the window had been pulled by a heavy hand and hung by one tack, dangling to and fro in the draft through the cracks at the sash.
You are going to be married; you state to whom, you add that I am the lady's guardian; you give the name and address of my lawyer in Edinburgh; you write your instructions plainly in the fewest words, and leave details to your legal adviser; you refer the lawyers to each other; you request that the draft settlements be prepared as speedily as possible, and you give your address at this house.