A working version that may or may not need to be kept. Keep drafts that capture substantive advice, approvals, or material changes; routine grammar and formatting edits usually do not need long-term retention once the final is captured.
A draft becomes a record when it documents something that matters to accountability: substantive advice, an approval, or a material change. Routine iterative edits for grammar or format usually do not need long-term retention once the final version is captured.
IAR turns terms like this into working practice: assets classified against your disposal authority, stewarded by position, and ready to evidence.