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Commercial Draft |
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Commercial draft Demand for payment. Commercial Draft A request or demand for payment made by a bank on behalf of a third party. While the recipient of the commercial draft is not bound to honor it, refusal to do so may hurt his/her credit at the bank issuing the demand. For example, if Fred owes Joe money, Joe may ask a bank to issue a commercial draft, which Joe or a courier presents to Fred. Fred is not legally obliged to pay Joe, but if he does not, he may find difficulty securing a loan from the bank and other banks associated with it. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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