Purchase order/contract, Other Management

Assignment Help:

Purchase Order/Contract 

A purchase order/contract is issued to the supplier/contractor. The offer once accepted by the supplier/contractor becomes a legal contract by which the supply must supply the goods as per the terms of contract. The purchase order covers all the essential data indicated on purchase request, RFQ, quotation and subsequent updated points, and finalised during negotiations. Many companies have pre-printed general conditions of contract, which is enclosed to purchase order. 

Even  in the case of contracts, the contractor gets an offer covering the points quoted above, along with general conditions of contract and the statutory guidelines to be followed at site during execution. 

The copies of purchase order/contract are sent to finance, inward goods and the project manager after it is approved. 

A purchase order/contract offered by the purchaser needs to be accepted by the supplier/contractor through an acknowledgement, to mature into a legally binding agreement. 

Although purchase order for imported material/equipment covers all the parameters listed above, it will have certain unique parameters as it is an overseas transaction.  


Related Discussions:- Purchase order/contract

Describe carefully the forms of organizational culture, QUESTION 1 (a) ...

QUESTION 1 (a) What is an organization? (b) What is management? (c) Describe carefully the functions of managers in organizations QUESTION 2 Organisations are com

Telecommunication technologies, Telecommunication Technologies: Teleco...

Telecommunication Technologies: Telecommunication today involves microprocessors, digitization of information (audio, video and text) and its transmission across communication

Negotiations , Negotiations  One of the most important activities perfo...

Negotiations  One of the most important activities performed by the supply managers is to negotiate agreements or contracts with the suppliers. Although supply management is de

Human resource development , HUMAN RESOURCE DEVELOPMENT  OBJECTIVES ...

HUMAN RESOURCE DEVELOPMENT  OBJECTIVES Human resources constitute the most important of all resources of any organization. Attention to managing and modulating this resource

What is strategic management, QUESTION a) What is Strategic Management?...

QUESTION a) What is Strategic Management? b) With the help of a diagram describe the main elements of strategic management process c) Why strategy implementation often is

Methodology for the study of subjects, Until recently, information consolid...

Until recently, information consolidation products (ICP) were prepared by subject specialists themselves on the basis of the documents furnished by libraries and information center

Working of internet, How Does Internet Work? Let us try to know, some ...

How Does Internet Work? Let us try to know, some of the technicalities relating to the working of Internet. It may be stated that the procedure of Internet's working is associ

Financial management, how would you judge the potential profit of Bajaj Ele...

how would you judge the potential profit of Bajaj Electronics on the first year of sales to Booth Plastics and give your views to increase the profit

L c descriptive rules - british museum cataloguing rules, L C Descriptive R...

L C Descriptive Rules:   Library of Congress. Rules for Descriptive cataloging at the Library of Congress Adopted by the American Library Association. - Washington, D.C.: Libra

Commercial risks and political risks, Question 1 As a trader in order to b...

Question 1 As a trader in order to be competitive and successful, how can you address some risks that are peculiar to foreign trade like commercial risks and political risks?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd