Sight Draft

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Sight Draft

A Commercial Paper that is payable upon presentment.

When a draft or bill of exchange is payable at sight, money may be immediately collected upon presentment to the drawee named in the instrument.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
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Powell didn't name the wholesalers who he said cooperated with the fraudulent sight draft scheme.
Term options include cash in advance, documentary letter of credit, standby letter of credit, sight draft, time draft, and open account.
One of the disadvantages of sight draft terms to the exporter is the possibility that the customer will not have the money when the goods arrive, or may not want the goods any more.