This is incorrect actually mate, the payment on sight LC will be received on presentation of shipping documents to importers/drawers bank. The advising bank (exporters bank) gonna send these documents to issuing bank/importer, but with the ship still at dock and final bill of lading yet to be produced, I will highly doubt this. It can be soon though.....
whether LC is sight or usance, in both cases, the exporter will get instant payment irrespective. The 180 days max credit in case of usance LC, credit line will only be between importer and a issuing bank. The issuing bank will create a credit line for importer after receiving final documents and then making payment to advising bank who will pay as a final payment to exporter. Cheers
Banter and general comments, page-20277
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