Mandatory transfer of collections
No later than 30 days after the expiry of the maximum extension period of the unpaid receivable with the oldest due date, you should transfer the collection of the total amount outstanding on the buyer to the 'collection service provider' named in the policy schedule and provide all the required information and documents.
Maturity/due date
The day, date by which an invoice must be paid at the latest.
Maximum credit terms
The period after delivery or shipment of the goods, after the provision of services or performance of work where invoices are payable no later than the end of that period.
Maximum discretionay credit limit
Indicates the amount for which you can self-assess a credit limit/cover based on the dicretionary option included in the policy. This can be a discretionay credit limit based on credit reports and/or Discretionary credit limits based on payment experience. The amount is stated in the policy.
Maximum extension period
This is the period during which you have the option, without having to consult us, to grant one or more postponements of the agreed invoice due date. However, such a given postponement may not exceed the duration of the maximum extension period, determined in the policy summary.
Maximum indemnity
This is the maximum amount we will pay out per policy year under the policy.
Minimum premium
The minimum amount agreed in the policy schedule that you have to pay us per policy year, regardless of the amount of the declared insured turnover.
Monitoring fees
Fees charged for monitoring a previously authorised credit limit/check. These are billed quarterly.
Moratorium
General debt moratorium, temporary suspension. Falls under political risk.