documentary draft
- A specific type of draft that requires the presentation of certain documents, such as an invoice or certificate of title, before it can be honored
- The bank told the business that they would need to provide an invoice in order for the documentary draft to be honored.
- Before releasing the goods, the company requested a documentary draft that required a certificate of title.
- The documentary draft served as secure payment, as it required the buyer to present the necessary documents for it to be honored.
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