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Although a typical purchase order may not be worded as a contract (in fact most contain little more than a list of the goods or services the buyer desires to purchase, along with price, payment terms, and shipping instructions), the purchase order is a specially regarded instrument regulated by the Uniform Commercial Code or other similar law which establishes a purchase order as a contract by ...
Purchase orders (PO) can be of various types, [2] including: standard - a one time buy; planned - an agreement on a specific item at an approximate date; blanket - an agreement on specific terms and conditions: date and quantity and amount are not specified. Purchase orders are normally accompanied by terms and conditions which form the ...
When the purchase order of the buyer and the sales order of the seller agree, the orders become a contract between the buyer and seller. Within an organization, it may be a work order for manufacturing, a preventive maintenance order, or an order to make repairs to a facility.
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.
In this situation, the purchasing department issues the purchase order receipt not required. When an invoice arrives against the order, the accounts payable department will then go directly to the requestor of the purchase order to verify that the goods or services were received. This is typically what is done for goods and services that will ...
approving orders; seeking reliable vendors or suppliers to provide quality goods at reasonable prices; negotiating prices and contracts; reviewing technical specifications for raw materials, components, equipment or buildings; determining and monitoring quantity and timing of deliveries (more commonly in small companies) forecasting upcoming demand
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