time draft

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Related to time draft: sight draft

Time draft

Demand for payment at a stated future date.

Time Draft

A check or other draft that is not payable to the payee until a stated date in the future. It contrasts with a sight draft, in which the payee may demand payment upon presentation of the draft to the appropriate party.

time draft

A draft that is payable a certain number of days after it has been presented. Compare sight draft.
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