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Related Definitions Draft Date means the date upon which drafts the applicable Custodial Account for principal and interest amounts for a particular type of remittance in ance with the Guide.

The effective date is when your obligations outlined in the contract begin. In other words, contracts become enforceable on the effective date. This date cannot precede the execution date, meaning a contract cannot be in effect until after all parties sign it.

Effective Date: means the date which the current policy enters into force. Establishing and Maintaining Presidential Policies: “Policy on Policies” that establishes the Policy Framework and Policy approval process. Guidelines: mean written, best practices for implementing a policy.

The effective date of employment shall be the first day the employee is actively at work.

Related to Draft Effective Date Accounts. Contract Effective Date means the date agreed upon by the parties for beginning the period of performance under the contract. In no case shall the effective date precede the date on which the contracting officer or designated higher approval authority signs the document.

Primarily, Execution Date is the date on which the contract is signed and executed between the parties, whereas an Effective Date means the date from which the rights and obligations of parties come into effect.

Draft refers to an unfinalized document, which can arise in numerous contexts in the legal field. Often, contracts, motions, briefs, and pieces of legislation go through numerous drafts before agreeing upon a finalized document.

Key Takeaways A time draft is a type of payment document whereby a buyer accepts shipped goods and agrees to pay the seller at a specified future date. It is a type of short-term credit used to finance international transactions. A time draft is also a guaranteed payment to the seller by an issuing bank.