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 ?
The draft Terrorism Law was also criticised by the Misr Al-Qawia Party on Saturday.
The draft was approved by the Cabinet in early August.
Housam al-Hamadah, a university student, said that the draft constitution will face the crisis taking place in Syria and will help Syria get out of it stronger, stressing that the most important thing about the draft constitution is its political pluralism and the fact that it doesn't allow for establishing parties on divisive and discriminatory basis such as religion, sect, region, ethnicity, race and so on.
That change was made in the late 1990s, to close a draft loophole and to keep amateurs from becoming free agents.
The draft continued with little controversy through the Korean War (1950-53), and during the peaceful but tense Cold War years that followed.
"Ahmed Bouhrou, former director of labor at the Ministry of Employment, told Assabah that "the strike cannot be regulated by law only." "The current draft does not cover many professions such as miners and free services, which means that 40% are denied the right to strike," he added.
The draft law "On the Academy of Sciences of the Republic of Albania" was approved with 82 votes in favor, 25 against, 0 abstentions.
We take note that the RS National Assembly will consider a number of draft laws at its session on 16 April including the draft amendments to the RS Law on Public Peace and Order.
According to Free and Fair Election Network, as compared to this year, last year as many as 33 government's constitutional drafts, 17 private drafts were approved.
ISLAMABAD: The parliament of Pakistan could achieve only 3/4 of its set agenda in its 16-parlimentary year due to consistent delays.The government could present 20 constitutional drafts while six drafts were presented by the private stakeholders, less than the drafts approved by the previous government.
Giving details after the meeting, which was held at the Amiri Diwan, HE the Minister of Justice and Acting Minister of State for Cabinet Affairs, Dr Issa bin Saad al-Jafali al-Nuaimi said the Ministry of Municipality and Environment has prepared the draft law to keep abreast with the international environmental requirements and standards and to optimise the use of waste.
The process to draft the law, to include 38 articles over nine chapters, began in 2013.