payment of l.c

L/C payable at sight
"the Payable at sight" means that you'll be paid "immediately" (in fact, it may take up to 7 days) after presentation of the documents stipulated in the L/C to the Issuing Bank or to the Confirming Bank if it was confirmed.
L/C payable on the maturity dateIf deferred payment was agreed, you'll be paid on the maturity date indicated in the L/C after presentation of the documents stipulated in the L/C to the Issuing Bank. Don't forget to specify the date from which the deferring period starts (e.g. 90 days after date of transport document).
The payments under L/C are usually made by the bank upon receipt of the documents stipulated in the L/C and a bill of exchange issued by you.
The bill of exchange (the draft) is an unconditional order in writing, signed and addressed by the drawer (you) to the drawee (the paying bank), requiring the drawee to pay the drawer a certain sum of money according to the terms of the L/C.
Under L/C, always draw the draft on the bank, not on the buyer.
How L/C worksThere are at least four participants, when dealing with L/C:- The buyer – the Applicant- You - the Beneficiary- Bank, the payment will come from – the Issuing Bank- Bank, the payment will go to – the Advising Bank.
The diagram below shows how participants are involved in the
process of payment under L/C

1. The Applicant and the Beneficiary negotiate terms and conditions of the L/C2. The Applicant applies to the Issuing Bank to issue the L/C3. The Issuing Bank issues the L/C and forwards it to the Advising Bank4. The Advising Bank checks the apparent authenticity of the L/C and advises the L/C to the Beneficiary5. The Beneficiary checks if the L/C complies with the commercial agreements and if all terms and conditions specified in the L/C can be satisfied and ships the goods6. The Beneficiary assembles the documents specified in the L/C, checks the documents for discrepancies with the L/C, draws the draft and presents the draft and the documents to the Advising Bank7. The Advising Bank bears the draft and the documents against terms and conditions of the L/C and forwards them to the Issuing Bank8. The Issuing Bank checks if the documents comply with the L/C and makes a payment immediately (if the L/C is available by sight) or on a certain date (if L/C is available by deferred payment)