Credit term

The credit term is the payment term that the supplier gives the buyer for payment of the supplied goods,
e.g. 30, 90 or 120 days on credit.

Maximum extension period
The period specified by the credit insurer within which the policy holder's customer (buyer) must actually pay the invoice in order for negative effects on the insurance cover to be avoided.

Maximum extension period exceeded
The maximum extension period is exceeded if the buyer has failed to pay by the end of the maximum extension period.