Purchase Order and Types of Purchase Orders | Overview | URDU & हिंदी | Procurement Academy

Hi everyone! today, we will discuss about "Purchase Order & Types of Purchase Orders"
What is Purchase Order?
A Purchase Order (PO) is a commercial document issued by a buyer to a seller, indicating the type, quantity, and agreed-upon price of products or services to be purchased. It serves as a legal contract between the buyer and the seller, outlining the terms and conditions of the transaction.
Types of Purchase Orders:
There are several types of purchase orders that organizations commonly use, depending on their specific requirements. Here are some examples:
1. Standard Purchase Order:
This is the most common type of purchase order, used for routine purchases of goods or services. It includes details such as item descriptions, quantities, prices, delivery dates, payment terms, and any other relevant terms and conditions.
2. Planned Purchase Order:
A planned purchase order is used when the buyer wants to inform the supplier of their intent to purchase goods or services but does not yet require immediate delivery. It helps the supplier plan their production or inventory accordingly.
3. Blanket Purchase Order:
A blanket purchase order is used when there is a long-term agreement between the buyer and the seller. It allows the buyer to place multiple orders over a specified period, typically for recurring or anticipated purchases, without having to issue individual purchase orders each time.
4. Contract Purchase Order:
A contract purchase order is used when the buyer and seller have entered into a formal contract that outlines the terms and conditions of their business relationship. The purchase order refers to the specific terms agreed upon in the contract and acts as a supporting document.
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