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

Important security measures in e-banking, a) Explain why the following se...

a) Explain why the following security measures are important in e-banking: (i) Data confidentiality (ii) Data Integrity (iii) Access control (iv) Auditing b)

Quality tools and techniques to reduce errors, QUESTION A popular rest...

QUESTION A popular restaurant has been losing customers and orders due to various delays and errors. The Restaurant Manager wants to identify problems and causes that might be

Information services - information behaviour, Information Services: In t...

Information Services: In that part we shall discuss eight types of information services:  Current Awareness Service (CAS)  Selective Dissemination of information (SDI)

Terms related to procurement - binning , Binning  The goods on receipt ...

Binning  The goods on receipt are received by personnel at the project stores, verified and then accepted. The goods are stored properly following store procedures, in bins/sto

Fiction - binding policy for libraries, Fiction: Fiction needs most ca...

Fiction: Fiction needs most careful consideration in view of heavy demand and use and its ephemeral nature. Still its heavy use  may prompt librarians to decide  on binding, b

Private documentation/information centres, Private documentation/informatio...

Private documentation/information centres: They belong mainly to private business enterprises, commercial firms, etc., and serve primarily the interests of their own instituti

Construction procedure , Construction Procedure: Parts of a Questbnnai...

Construction Procedure: Parts of a Questbnnaire or Interview Schedule A  questionnaire or  an  interview  schedule contain the following parts:  a)  Introduction and Instr

Case let r2 of Org. Behaviou, If you were one of the other foreman, what co...

If you were one of the other foreman, what could you do to make Rajinder''''s transition easier.

Meaning of classification - library classification, Meaning of Classificati...

Meaning of Classification: Systematic grouping of entities (both abstract and concrete) to meet one's requirement is known as classification. Classification lies at the root o

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