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.

See: check, instrument
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Powell didn't name the wholesalers who he said cooperated with the fraudulent sight draft scheme.
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.
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.