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A purchase order, often abbreviated to PO, is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services required. [ 1] It is used to control the purchasing of products and services from external suppliers. [ 2] Purchase orders can be an essential part of enterprise resource ...
First article inspection. A First Article Inspection ( FAI) is a production validation process for verifying that a new or modified production process produces conforming parts that meet the manufacturing specification detailed in technical or engineering drawings. Typically, a supplier performs the FAI and the purchaser reviews the report.
Request for proposal. A request for proposal ( RFP) is a form of reverse auction that solicits a business proposal by an organisation interested in the procurement of a service or product from potential suppliers. [ 1] It is usually part of a complex sales process, and made through a bidding process. [citation needed]
Blanket order. A blanket order, blanket purchase agreement or call-off order[ 1] is a purchase order which a customer places with its supplier to allow multiple delivery dates over a period of time, often negotiated to take advantage of predetermined pricing. It is normally used when there is a recurring need for expendable goods.
t. e. An invoice, bill or tab is a commercial document issued by a seller to a buyer relating to a sale transaction and indicating the products, quantities, and agreed-upon prices for products or services the seller had provided the buyer. [ 1]
Cash and cash equivalents ( CCE) are the most liquid current assets found on a business's balance sheet. Cash equivalents are short-term commitments "with temporarily idle cash and easily convertible into a known cash amount". [ 1] An investment normally counts as a cash equivalent when it has a short maturity period of 90 days or less, and can ...
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