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 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.
The court awarded the Beneficiary damages in the amount of the Beneficiary's sight draft of $207,885, presented to the issuing bank, together with interest.
5) under Article 5 of the Uniform Commercial Code, a local government's sight draft must be honored by the issuing institution within three business days; and
A sight draft is payable upon demand, while a time draft is payable a specific number of days (typically 60 to 90) after it has been presented.
By irrevocable letter of credit, a wire draft, or a sight draft. We prefer the wire draft, mainly because it is much less expensive," Bogle says.
The top five approaches to mitigating risk when selling internationally are as follows, according to the survey: letter of credit, pre-payment of some kind, credit insurance, cash against documents (CAD) and sight drafts. Euler Hermes was the only credit insurance provider mentioned by name.