sight draft


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sight draft

n.
A draft that is payable on demand, especially one due for payment upon presentation.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.sight draft - a draft payable on presentation
sight bill
bill of exchange, draft, order of payment - a document ordering the payment of money; drawn by one person or bank on another
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
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A deferred payment L/C results in the issuance of a sight draft, which cannot be sold or discounted.
Letters of credit - doing business in a global market
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.
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The LC Beneficiaries presented a sight draft demanding payment of $1,500,000, which exceeded the maximum possible amount due under the LC.
Standby letters of credit and the strict compliance standard: the case of the overstated sight draft
A sight draft doesn't cost the buyer as much as a letter of credit - he must pay the seller before he can get the goods out of customs.
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Amwest claimed that its sight draft and certification presented to Concord had strictly complied with the requirements of the letter of credit.
Letter of credit beneficiary beats issuing bank based on conforming documents and untimely and improper dishonor
The letter of credit provided that Los Amigos could obtain payment by presenting a sight draft and a certificate that stated the following: (1) the amount requested in the sight draft was available under the letter of credit; (2) final acceptance under the contract between Los Amigos and Lancaster Steel had not occurred and the letter of credit was set to expire in 30 days; and (3) the letter of credit had not been extended.
Letter of credit issuer not entitled to payment of surplus funds drawn by beneficiary. (Credit Column)

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