Time Draft (Noun)
Meaning
A draft payable at a specified future date.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company issued a time draft to the supplier, which would be paid in 90 days.
- The bank accepted the time draft and credited the amount to the supplier's account.
- The buyer and seller agreed on a time draft that would mature in six months.
- The exporter sent a time draft to the importer, who was required to pay the amount on the due date.
- The time draft was discounted by the bank, providing the seller with immediate payment.