In this Schedule—

• “average” means the arithmetic mean;

• “payment period” means the period in which a company is contractually required to pay a sum;

• “relevant day” means the day on which a company receives an invoice or otherwise has notice of an amount for payment;

• “standard payment terms” means, in relation to a qualifying contract—

  1. a

     the standard terms relating to payment that the qualifying company uses for that type of qualifying contract, or

  2. b

     where the qualifying company does not use standard terms, the qualifying company’s most frequently used payment terms for that type of qualifying contract.