It is a payment term, and usually means that the total amount will be paid 60 days after the end of the month in which the invoice is dated. For example, January dated invoices will be paid on April 1, and February invoices will be paid about April 29. As you can see, it is to the buyer's advantage to have this term, as it can have an effective range of 60 to 90 days to pay for the purchase.
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