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Standard or negotiated terms (offered by a seller to a buyer) that control (1) the monthly and total credit amount, (2) maximum time allowed for repayment, (3) discount for cash or early payment, and (4) the amount or rate of late payment penalty.
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This is the condition under which the credit will be extended to borrower. This includes total credit amount, permissible time for repayment, fine for late payment, discount for early payment etc.
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