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Definition Of Draft:


nA written order for the payment of a specified sum of money to a certain individual or to the bearer (for example, a check).
A draft may involve three parties: the drawer, who writes or creates it, the drawee, who has custody of the funds to be paid (for example, a bank), and the payee, who will receive the funds.sight draftA draft payable upon receipt.time draftA draft payable as of a certain date.

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