A written order drawn by one party, called a drawer, that directs a second party (almost always a bank), called a drawee, to pay a sum of money to a third party, called the payee. For example, a check. Drafts are used with letters of credit. Drafts may be sight drafts, payable upon receipt, or time drafts, payable on some specified future date. American Banker Glossary
An unconventional order in writing-signed by a person, usually the exporter, and addressed to the importer-ordering the importer or the importer's agent to pay, on demand ( sight draft) or at a fixed future date ( time draft) the amount specified on the face of the draft. Bloomberg Financial Dictionary

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I. draft draft 1 [drɑːft ǁ dræft] noun [countable]
a document or piece of writing that has to be checked and possibly changed, and so is not yet in its finished form:

• This is only a rough draft of the letter.

• When can I have the first draft of your proposal?

• a draft report, which the Committee has read and considered in detail.

exˈposure ˌdraft ACCOUNTING
a document distributed by the financial which suggests a change in the accounting rules. People who are affected by the rules are asked to comment on the exposure draft before it becomes law — see also bank draft
  [m0] II. draft draft 2 verb [transitive]
to write a letter, report etc that will need to be changed before it is in its finished form:

• I'll ask our contracts department to draft an agreement.

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draft UK US /drɑːft/ US  /dræft/ noun [C]
a piece of writing such as a letter, report, or speech that may not be in its final form and may have changes made to it: »

a rough/early/preliminary draft

a first/second draft »

She asked me to check the first draft of her proposal.


the final/latest draft

write/produce/prepare a draft »

A draft of the constitution has been prepared for discussion.


The original draft of the resolution was much more strongly worded.

BANKING a written order for money to be paid by a bank, especially to another bank: »

When products are imported, they have to be paid for, often with a draft on the buyer's bank.


The money should be transferred by draft rather than electronically.

See also BANK DRAFT(Cf. ↑bank draft), BANKER'S DRAFT(Cf. ↑banker's draft), EXPOSURE DRAFT(Cf. ↑exposure draft), SIGHT DRAFT(Cf. ↑sight draft)
draft UK US /drɑːft/ US  /dræft/ verb [T]
to write something such as a letter, speech, or report in a form that may have changes made to it: »

draft a proposal/plan/report


draft a letter/speech


draft a bill/law/constitution

draft UK US /drɑːft/ US  /dræft/ adjective [before noun]
a draft plan, document, etc. is not in its final form, and may have changes made to it: »

a draft plan/bill/proposal


draft legislation/regulations

Financial and business terms. 2012.


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