time draft

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Related to Time Drafts: sight draft, acceptance bill, Accepted Draft

time draft

n.
A draft due for payment at a specified future time.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.time draft - a draft payable at a specified future date
bill of exchange, draft, order of payment - a document ordering the payment of money; drawn by one person or bank on another
References in periodicals archive ?
Typical in doing business there will continue to be open account and time drafts.
One of the cheapest methods of payment is to sell on an open-account basis: The exporter sends shipping documents directly to the importer who pays the exporter, either upon arrival of the goods documents against payment (D/P), or on an agreed date thereafter - documents against acceptance of time drafts (D/A).
Payments are made in the form of sight or time drafts.