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From a GM related company...
"The payment date is set forth in the
Line Item Detail of this contract, or if not stated, shall be the date established by Buyer's Multilateral Netting System
(MNS-2), which provides, on average, that payment shall be made on the second day of the second month
following, in the case of the Buyer's North American facilities, Seller's shipment date of goods or date of services,
and, for all of Buyer's other locations, Buyer's receipt date of the goods or date of services."
Wiki User
∙ 14y ago
Wiki User
∙ 15y agoIt is a payment term that means 2nd day of the 2nd month following.
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