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Simple English definitions for legal terms
sight
Read a random definition: estoppel certificate
A quick definition of sight:
Sight: When someone agrees to pay a bill or a check after they have seen it, we call it "payable after sight." This means they have accepted it and will pay it later.
A more thorough explanation:
Definition: Sight refers to a drawee's acceptance of a draft that is payable after acceptance. The term "after sight" means that the payment is due after the drawee accepts the draft.
Example: If a company issues a draft to another company for payment after sight, it means that the payment is due after the second company accepts the draft. For instance, if Company A issues a draft to Company B for $1000 payable after sight, Company B will have to accept the draft before the payment is due.
Explanation: The example illustrates how sight works in the context of a business transaction. The drawee (Company B) has to accept the draft before the payment is due. This means that Company A can be sure that Company B has agreed to pay the amount specified in the draft before making the payment.