Draft - An unconventional order in writing - signed by a person, usually the exporter, and addressed to the importer - ordering the importer or the importers agent to pay, on demand (sight draft) or at a fixed future date (time draft), the amount specified on its face.
An order in writing by one party to another party to pay a specified sum to a third party or bearer on a particular date. The party making the order or drawing the draft is known as the drawer. The party to whom the bill is addressed is the drawee (for example a bank). The party to whom the bill is payable is the payee.
Draft : an unconventional order in writing - signed by a person, usually the exporter, and addressed to the importer - ordering the importer or the importers agent to pay, on demand (sight draft) or at a fixed future date (time draft), the amount specified on its face.
an order in writing by one party to another party to pay a specified sum to a third party or bearer on a particular date. the party making the order or drawing the draft is known as the drawer. the party to whom the bill is addressed is the drawee (for example a bank). the party to whom the bill is payable is the payee.
Draft