draft


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Related to draft: bank draft, Military draft

draft,

in banking, order by one party to another party to pay a stated sum to the person or firm in whose favor the draft is made. It is similar in form to the ordinary bank checkcheck
or cheque,
bill of exchange (see draft) drawn upon a bank or trust company or broker connected with a clearinghouse (see clearing). Upon presentation of a check, the bank or other drawee pays cash to the bearer or to a specified person.
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. Often the drawer and the drawee of a draft are the same person. A sight draft is payable immediately on presentation to the drawee; a time draft is payable at a fixed date in the future. A draft is sometimes known as a bill of exchange. It was originally devised to give credit to a customer who intended to pay in the future, but it came to be used to pay foreign debts (see foreign exchangeforeign exchange,
methods and instruments used to adjust the payment of debts between two nations that employ different currency systems. A nation's balance of payments has an important effect on the exchange rate of its currency.
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) because it obviated the bother, expense, and risk of transmitting money. Apparently, drafts were used in early Babylon, Egypt, and Rome, but the earliest clear instance of their use is in Genoa c.1156. Drafts are usually used in commercial transactions in which buyer and seller are distant from each other. The seller draws a draft against the buyer of his goods and sends the draft, together with shipping documents, to his bank. The bank or its agent presents the draft to the buyer for his acceptance of the obligation or for payment. If, in the case of a time draft, the buyer accepts the obligation to pay, he will often put a note to that effect, along with his signature, on the draft. Such an accepted draft is known as a trade acceptance and represents a legal commitment on the part of the buyer to pay the amount stipulated.

draft

A preliminary sketch of a design or plan, especially one executed with the idea of potential revision or refinement.
See also: Design drawing

draft

[draft]
Also spelled draught.
(civil engineering)
A line of a traverse survey.
(engineering)
In molds, the degree of taper on a side wall or the angle of clearance present to facilitate removal of cured or hardened parts from a mold.
The area of a water discharge opening.
(fluid mechanics)
An air current in a confined space, such as that in a cooling tower or chimney.
The difference between atmospheric pressure and some lower pressure in a confined space that causes air to flow, such as exists in the furnace or gas passages of a steam-generating unit or in a chimney.
(metallurgy)
The act or process of drawing, with dies.
The work or quantity of work drawn.
(naval architecture)
The vertical distance from the top of the keel plate or bar keel to the load waterline.

draft, Brit. draught

1. A current of air or gases, as an air current which flows through a flue, chimney, or heater; or a localized air current which results in more heat being withdrawn from a person’s skin than is normally dissipated.
2. A narrow, dressed border around the face of a stone, usually about the width of a chisel edge; also called a drafted margin or margin draft.

draft

1. Engineering the divergent duct leading from a water turbine to its tailrace
2. Commerce an allowance on merchandise sold by weight
3. the usual US spelling of draught
References in periodicals archive ?
Draft Law on Competition: Working Group has been created and the explanatory notes is to be drafted.
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The Rule 5 draft also includes two minor-league phases.
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Though then-Secretary of State Colin Powell explicitly said in July 2003: "We did not do it for oil," the draft oil law casts a very long, very dark shadow across those words.
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The new draft, in response to the priest's greeting, "The Lord be with you, returns to the literal translation for the people: "And with your spirit.
TEI's comments on the exposure draft are reprinted in this issue, beginning on page 425.
The fact that proponents of a renewed draft intend to make it universal demonstrates that the proposal has no connection to legitimate national defense, but is instead a scheme to establish the principle that all Americans are the property of the state.
The judge directed computer forensics personnel from Deloitte & Touche to search the network files and hard disks of the experts and consultants for the United States to recover the draft reports that had been exchanged to and from the experts.
Some, like Vice President Dick Cheney, avoided the Vietnam draft with college deferments; others, like President George Bush, served out their time in safe, hard-to-acquire berths in the National Guard; and the number of medical deferments awarded to now-vigorous conservative leaders is suspiciously high.
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