Dictionary Search: "Draft" - Pakistan Law Portal

Draft

n. 1. An unconditional written order signed by one person (the drawer) directing another person (the drawee or payor) to pay a certain sum of money on demand or at a definite time to a third person (the payee) or to bearer. ( A check is the most common example of a draft. - Also termed bill of exchange; letter of exchange. Cf. NOTE (1).

Drafter

A person who draws or frames a ?: document, such as a will, contra tive bill. - Also termed draftsma;

Drafting

The practice, technique, or skim volved in preparing legal documents - such statutes, rules, regulations, contracts, wills - that set forth the rights, duties, liabilities and entitlements of person and legal entities

Draftsman

See drafter

Overdraft.

1. A withdrawal of money from a bank in excess of the balance on deposit. 2. The amount of money so withdrawn. - Abbr. OD; o/d. 3. A line of credit extended by a bank to a customer (esp. an established or institutional customer) who might overdraw on an account.

Redraft

n. A second negotiable instrument offered by the drawer after the first instrument has been dishonored. - redraft, vb.

bank draft

A draft drawn by one financial institution on another.

clean draft

A draft with no shipping documents attached. demand draft. See sight draft.

demand draft

See sight draft under DRAFT.

documentary draft

A payment demand conditioned on the presentation of a document, such as a document of title, invoice, certificate, or notice of default.

draft

ub. 1. To write or compose -draft to contract>. 2. To recruit or select (someone)-<to draft someone to run for political office. <to draft someone into the armed services

draft board

A civilian board that registers and selects persons for mandatory military ser\ See SELECTIVE SERVICE SYSTEM.

export draft

A draft drawn by a domest,c seller on a foreign buyer, directing the buyer to pay the trade amount to the seller or the seller's bank.

foreign draft

A draft drawn in one country or state but payable in another. - Also termed foreign bill of exchange; international bill of exchange.

inland draft

A draft drawn and payable in the same state or countrv. overdraft. See OVERDRAFT.

share draft

See DRAFT.

share-draft account

See ACCOUNT.

sight draft

A draft that is payable on the bearer's demand or on proper presentment to the drawer. - Also termed demand draft.

sight draft.