The party who agrees to make a payment to another party, based on a document presented to it, such as a bank, is called the drawee.

Name: The party who agrees to make a payment to another party, based on a document presented to it, such as a bank, is called the drawee.
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This is correct. The drawee is the party who is obligated to make a payment based on a document presented to it, such as a bank paying on a check presented to it.

The Party Who Agrees to Make a Payment to Another