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Draft

An unconditional order in writing, signed by a person (drawer) such as a buyer, and addressed to other person (drawee), typically a bank, ordering the drawee to pay a stated sum of money to yet another person (payee), often a…

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Drawback

The refund by a government, in whole or part, of customs duties assessed on imported goods that are subsequently exported. Drawback may also often be claimed for duty paid on the imported material content of domestically produced goods that are…

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Drawee

The individual or firm on whom a draft is drawn. The drawee is instructed by the drawer to pay a specified sum of money to, or to the order of the payee, or to the bearer. In a documentary collection,…

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Drawer

The individual or firm that issues or signs a draft instructing the drawee to pay a specified sum of money to, or to the order of, a named person (payee), or to bearer. In the case of a draft to…

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Drawing

A term used to describe the payment of a letter of credit based on a presentation of documents that comply with the terms and conditions of the letter of credit.

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