Source : Webster's Revised Unabridged Dictionary (1913)

Redraft \Re*draft"\ (r[=e]*dr[.a]ft"), v. t.
   To draft or draw anew.

Redraft \Re*draft"\, n.
   1. A second draft or copy.

   2. (Com.) A new bill of exchange which the holder of a
      protected bill draws on the drawer or indorsers, in order
      to recover the amount of the protested bill with costs and
      charges.

Source : WordNet®

redraft
     n : a draft for the amount of a dishonored draft plus the costs
         and charges of drafting again