sight draft

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Sight draft

Demand for immediate payment.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

sight draft

A draft that is payable on demand. Compare time draft.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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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.