The common period fixed for payment by usage, custom, or habit of dealings between the country where a bill of exchange is drawn and that where it is payable. It varies according to the countries involved.
the period of time permitted by commercial usage for the payment of a bill of exchange (especially a foreign bill of exchange)
The credit period granted by the exporter to the importer and reflected in the documentary credit terms, e.g. 30 days after Bill of Lading date, 60 days sight, 90 days after shipment date.