A time draft, also known as a sight draft, is a written order used in international trade that requires one party to pay a specific sum of money to another party at a specified future date. There are several synonyms for this term, including sight payment, deferred payment, trade acceptance, and document against payment. Sight payment refers to immediate payment upon presentation of the draft. Deferred payment, on the other hand, refers to payment that is postponed until a specified future date. Trade acceptance is similar to a time draft, and it is a financial instrument that represents the buyer's promise to pay the seller at a later date. Lastly, document against payment refers to a transaction in which the seller only releases the documents necessary to obtain possession of the goods after receiving payment.