What is a draft? What are the relevant parties in relation to a draft?

What is a draft? What are the relevant parties in relation to a draft?

draft, also referred to as the bill of exchange, is an unconditional order to a bank or a customer to pay a sum of money to someone on demand or at a fixed time in the future. The relevant parties in relation to a dralt include the drawer who draws the draft, usually the exporter, the drawee to whom the draft is drawn, and the payee who receives the payment.