In simplest Words, A sight LC means that whenever the Bill of Exchange is presented at counter, it must be paid then and there (ofcourse if the LC docx are in order).
While a Usance Bill is first presented then accepted and after that it is paid. Usance bills are usually for a period of 30, 60, 90 days.
So if a usance bill is of 30 days then it would be paid 30 days after presentation and acceptance.
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