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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 ?
Capturing one-on-one interviews with recently drafted players backstage inside the theater.
Ht/Wt: 6-10/220 lbs Position:PF Drafted From:Kentucky Class:Freshman
5 offensive tackles drafted in first round 1pt 7-4 Paddy Power Bet365 - Brandon Weeden (QB) draft position: 2 under 31.
After that, players who are drafted but choose not to accept what the club is offering go back into the pool for the next year's draft.
Fatigue manifested later in the lower limb muscles of the cyclists who drafted during the swimming portion of the trial, as measured both by biomechanical analysis and perceived exertion in the cyclists.
Hundreds of thousands more were drafted to fight under UN command in Korea, and in the subsequent Vietnam conflict fought under the aegis of SEATO, a "regional arrangement" as defined by the UN Charter (see accompanying article on page 17.
As currently drafted, this rule assists only in determining whether an NRE's "investment business" is its principal business.
Others were indifferent to the war or even supported it, yet used student deferments or doctors' notes to avoid being drafted, thus assuring that someone else would have to take their place in the rice paddies.
In 1965, CPFers drafted and circulated a petition they hoped to personally convey to the Holy Father.
Evolution opponents on the board insisted that they drafted the new standards.
Montez drafted the financial presentation shown in exhibit 1, page 63, and submitted it to Ray Oliver, CPA, the partner in charge of quality review at her firm.
Hawk (Green Bay Packers) and Vernon Davis (San Francisco 49ers) in addition to Jeremy Bloom, the former Olympic freestyle skier drafted by the Philadelphia Eagles and veterans Julius Jones (Dallas Cowboys) and Jonathan Vilma (New York Jets).