draft

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Related to drafters: draftsman, draughtsman

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
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The rule drafters were generally more familiar with the
According to the drafters, many of the changes to the proposed regulations were simplifications.
those complying with the substantial economic effect requirements discussed above) prevailed until sometime in the early 1990s when certain drafters of partnership agreements made a conscious decision to draft partnership allocations in a completely different manner.
The drafters also included the fee to compensate for what some thought might be dramatic increases in health insurance company revenue and profit totals as a result of PPACA "shared responsibility" provisions that will tax many individuals who fail to have what PPACA defines as being a responsible amount of health coverage.
The Minister added that because of the need to speed up the finalisation of the important bill, it will be sent to legal drafters before a final round of consultations with members of both the lower and upper houses of Parliament have been held as earlier efforts to organise consultation workshops with them have proved difficult because of conflicting schedules.
The aim of the Azhar document is to ensure that future drafters of the constitution will have in front of them a statement of principles which will ensure that Egyptians' identity and basic rights will be preserved.
They provide evidence of what drafters mean when they employ certain language.
Tibbetts opines that the statute has worked even better than its drafters expected, noting that appellate opinions applying the statute have generally followed its language and not criticized it.
An accompanying DVD-ROM includes trial software for the program, and many examples to get drafters started.
The first secretary of the US Treasury and one of the drafters of the US Constitution, Hamilton is credited with creating the fledgling nation's banking and customs systems and the Coast Guard.
The book is aimed primarily at drafters of national legislation, reviewers, and users of IAEA safety standards, including IAEA technical officers and consultants and bodies for the endorsement of safety standards.
Filson and Strokoff (both with the Office of the Legislative Counsel of the US House of Representatives) present this updated reference for professional legislative drafters on general considerations in form and word usage; uniquely federal forms and styles; the role of courts in law drafting; and drafting regulations.