Sight/Time Drafts

[gogolesque2]

can anyone tell me (althea dont even bother to try) which term is MORE COMMONLY used when dealing with general texts? i am sure there are some kind of tiny nuances which make some more appropriate for general texts and otehrs for more specific.

context:
Sight and Time Drafts

All letters of credit require the beneficiary to present a draft and specified documents in order to receive payment. A draft is a written order by which the party creating it, orders another party to pay money to a third party. A draft is also called a bill of exchange.
There are two types of drafts: sight and time. A sight draft is payable as soon as it is presented for payment.
A time draft is not payable until the lapse of a particular time period stated on the draft. The bank is required to accept the draft as soon as the documents comply with credit terms. The issuing bank is obligated to accept drafts and pay them at maturity.

thanks to anyone who doesnt plan on attacking me!