Yes there is such a thing as a non-operative performance bond. What Im not understanding is if you are the buyer or the seller. Usually these types of bonds are opened by the seller and only become operative upon the opening of an L/C. Also usually they cover 2% of the total amount of the L/C. In this way you are assured to recover at the very least the amount required to open the L/C. I also do not understand why you are warry of an at sight L/C. Remember if you are the buyer you can request that inspection documents be part of those you require to satisfy the L/C. Also are you involved in buying a commodity or are these products. Commodities usually require a different set of documents such as LOI, BCL, FCO, ICPO.

/For those that read this those acronyms are

/1. Letter of Intent /2. Bank Comfort Letter /3. Full Corprate Offer /4. Irrevocable Corporate Purcahse Order