Article 3 1. Whatever the type of policy used, the harmonised provisions shall apply to transactions which:
include either a credit risk of less than twenty-four months, or a credit risk and a guaranteed manufacturing risk where the cumulative period is less than twenty-four months; the manufacturing risk, however, must be of less than twelve months;
are concluded with a public buyer or with a private buyer;
are on a supplier credit basis.
2. The provisions harmonised by this Directive concern only the guarantee in respect of political risks.
3. The definitions of ‘public buyer’ and ‘private buyer’ contained in Article 3 of Directive No 70/509/EEC and in Article 4 of Directive No 70/510/EEC respectively shall apply.