What is Purchase Order?
A Purchase Order (PO) is a commercial document issued by a buyer to a seller, indicating types, quantities, quality, timeliness and agreed to price for products or services the seller will provide to the buyer. Sending a PO to a supplier constitutes a legal offer to buy products or services. The offer is accepted by the seller when she supplies the requested items. A contract is formed and the seller can expect payment in return for the delivered goods.
The federal government will sometimes issue blanket purchase agreements (BPA). A blanket purchase agreement is a simplified acquisition method that government agencies use to fill anticipated repetitive needs for supplies or services. Essentially, BPAs are like “charge accounts” set up with trusted suppliers.
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OTHER TERMS BEGINNING WITH "P"
- Paid in Capital
- Partner Buyout Financing
- Past Due Invoice
- Pay Rate
- Pay when Paid Clause
- Payroll Funding
- Payroll Service Provider
- Peer Lending
- Penetration Rate
- Per Diem
- Perishable Agricultural Commodities Act (PACA)
- Personal Guarantee
- Pledge Asset Lending
- Pooling
- Pre-Billing
- Pre-Shipment Financing
- Prepaid Freight
- Prime Plus Spread (Rate)
- Prime Rate
- Principal and Interest (P&I)
- Priority Payables
- Private Carrier
- Private Trucking Fleets
- Process of Factoring
- Production Finance
- Professional Employer Organzation (PEO)
- Promissory Note
- Proof of Delivery (POD)
- Property, Plant, and Equipment (PP&E)
- Purchase Ledger
- Purchase Order Funding or PO Financing