sight draft

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Sight draft

Demand for immediate payment.

Sight Draft

A check or other draft that is payable to the payee when the payee presents the draft to the appropriate party. It contrasts with a time draft, which is not payable until a stated date in the future.

sight draft

A draft that is payable on demand. Compare time draft.
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The advantages of sight draft terms to the importer are that they don't pay for the goods until the product arrives and it is less costly than an L/C.
The advantages of sight draft terms to the exporter are that the exporter retains title until payment of acceptance of the draft by the importer; and drafts are less restrictive in comparison L/Cs.