Usage of Target and Maximum Bitrate with the H264 Codec in Premiere Pro When exporting a video using the H264 Codec with a variable bitrate in Premiere Pro, you can set the target bitrate and the maximum bitrate. I would like to know how those work together and if there is any rule of thumb on what to set them to.

So AFAIK, the target bitrate is the average bitrate that the encoder will try to achieve by balancing out parts of the video where more or less information is required respectively. In that case, what is the purpose of the maximum bitrate setting? Is it the highest possible bitrate that won't be ecelled at any point of the video? Or can the encoder actually exceed the average bitrate over the amount speficied as target bitrate and the maximum bitrate is the highest possible average bitrate that the resulting video can have?

Also, how can I determine a good value for the maximum bitrate depending on the target bitrate? Let's say I export with 1, 10 or 20 MB/s (as my target bitrate), what should the maximum bitrate setting depend on?
You seem to have a good grip on what these parameters are all about.

The target bitrate is what the encoder tries to average throughout the video.

The maximum bitrate is the roof for how high the bitrate can go. How high it can spike.

It's a good idea to leave a substantial amount of headroom, 5-10%, between the target and the maximum bitrate. 

Best of luck!