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 classic literature ?
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.
In order to save Major Cavalcanti the trouble of drawing on his banker, I send him a draft for 2,000 francs to defray his travelling expenses, and credit on you for the further sum of 48,000 francs, which you still owe me.
Half a company of 'em took one of the new draft an' hanged him by his arms with a tent-rope from a third-story verandah.
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.
Pilotage a dollar a foot on the draft of each vessel.
The new draft marks a new chapter in the Hunt's history.
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 larger portion of the original draft subsequently became the property of the present editor, but it is not considered just to the poet's memory to publish it.
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.
When you have finished, relock both the original and the draft in the desk, and hand them over to me personally to-morrow morning.
Snagsby has dealt in all sorts of blank forms of legal process; in skins and rolls of parchment; in paper--foolscap, brief, draft, brown, white, whitey- brown, and blotting; in stamps; in office-quills, pens, ink, India- rubber, pounce, pins, pencils, sealing-wax, and wafers; in red tape and green ferret; in pocket-books, almanacs, diaries, and law lists; in string boxes, rulers, inkstands--glass and leaden--pen-knives, scissors, bodkins, and other small office-cutlery; in short, in articles too numerous to mention, ever since he was out of his time and went into partnership with Peffer.