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.

The provisions harmonised by this Directive concern only the guarantee in respect of political risks.

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.