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 court, relying on the strict compliance standard for reviewing documents presented as part of a letter of credit drawing, had to determine whether the LC Beneficiaries' sight draft of $1,500,000 strictly complied with a letter of credit on which at most $500,000 was payable.
The LC Beneficiaries might have had a better chance of payment of the LC if they had presented a sight draft for $500,000, the maximum amount available for payment under the letter of credit, rather than the $1,500,000 sight draft they had presented for payment.
When the sight drafts would bounce a few days later, "Barrow and his co-conspirators would replace the chargebacks with other fraudulent sight drafts," Hamilton said.
It is undisputed that Amwest had presented its sight draft and certification to Concord on November 17, 2000.
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.
First National Bank offers collection services for promissory notes, sight drafts, non-sufficient fundchecks, insurance drafts and foreign drafts.