What is letter of credit payable at sight ?

Question

What is letter of credit payable at sight ?

Answer 1

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Answer 2

Letter of Credit is normally got issued in favour of a beneficiary in business transactions. The beneficiary is supposed to fulfil certain business obligations before being entitled to get the payments from the bank/financial institution named therein (in L/C) for payment.

Now with L/C payable at sight, the beneficiary entitled for the payment mentioned therein would complete the obligations, in the manner and spirit, as stated in the LC document and present to the drawee bank, through his own bank for payment on presentation. This presentation for payment at the first time itself is called payment at sight. Means thereby paying the amount at first sight of the LC and other required documents in the manner and spirit stated therein.

The other kind of LCs are - being payable after certain number of days after the first sight i.e. DA, on happening of certain event etc.