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Sight Draft
Sight Draft
A sight draft is a financial instrument requiring payment upon presentation to the drawee. It ensures immediate payment from the drawee without delay. Common contexts include international trade, where sellers use sight drafts to secure payment for shipped goods. Other instances involve:
- Bank-issued drafts to facilitate transactions.
- Corporate drafts for business-to-business payments.
Key elements include:
- Immediate payment obligation
- Presentation requirement to the drawee
Understanding these components aids in managing financial transactions effectively.