FINANCE

Draft


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Related to Draft: bank draft, Military draftAn unconventional order in writing-signed by a person, usually the exporter, and addressed to the importer-ordering the importer or the importer's agent to pay, on demand (sight draft) or at a fixed future date (time draft) the amount specified on the face of the draft. A document in which a payer agrees to make a payment in a certain amount to a payee from an account held with a third party, usually a bank. A common example is a check. There are two main types of draft: a sight draft must be paid by the third party on demand of the payee, while a time draft may only be paid at a stated time. A written order by one party for a second party to make payment to a third party. A check is an example of a draft

drawn by a depositor (first party) on a financial institution (second party) and payable to an individual or organization (third party). See also overdraft, sight draft, time draft.

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Under thedraftproposal, employers must establish the first two elements within a year after the final rule becomes effective. Everyone involved should understand what the finished product should look like before beginning thedraft . In what seems like a stream of consciousness to the observer,draftsin the brain rapidly construct an interpretation of what happened that does not coincide with the actual sequence of observed events. Perhaps the most important sign that reviving thedraftis being considered seriously is a March 9 forum on the proposal held at the Manhattan headquarters of the Council on Foreign Relations.

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