A draft document is a document that is not finalized. Microsoft Word uses watermarks to mark documents as drafts. The watermark may be a text or an image. Watermarks appear in the background of a page and are visible in Web, Print and Reading Layout views. When you insert a draft watermark, it is applied to each page and printed with your document. You cannot access the watermark directly on your page to remove or edit it.
Remove Draft in Word 2007
Open the document containing the draft watermark.
Select the "Page Layout" tab from the ribbon.
Choose "Watermark" from the "Page Background" group. Then select "Remove Watermark" from the drop-down list.
Remove Draft in Word 2003
Select "Format," "Background" and "Printed Watermark" from the toolbar.
Choose "No Watermark" in "Printed Watermark" dialog box.
Click "OK" to remove the draft.