A Purchase Order is a type of document that comes from a buyer and is given to a vendor or a supplier in times when the buyer wants to make an order. The Purchase Order will typically indicate the type of item being purchased, the number of items being purchased, and the price of each item depending on what was initially negotiated.
A Purchase Order should be in written form because it serves as a legally binding contract between both parties and protects the seller from non-payment. Writing down the details of a Purchase Order also aids to explicitly communicate the buyer’s requests to the seller to avoid confusion or misunderstanding in the output or the delivery of the ordered goods or services.
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Purchase Orders Vs. Invoices
Generally, a Purchase Order and an Invoice should contain the same details such as the reference number and the technical details incorporated in the forms (for example, the items ordered and their corresponding quantities).
However, the concept of a Purchase Order and an Invoice slightly differ based on the sender and the recipient. An invoice is a type of form supplied by the seller as soon as a payment has been received. It serves as a receipt of payment or indicates when the payment is due. A Purchase Order, on the other hand, is drafted by buyers and given to sellers as it contains specific details pertaining to their order and order requests.
Why Are Purchase Orders Important?
Purchase Orders are important because they act as a legally binding contract between the buyer and the seller. Once the seller accepts the Purchase Order, it also means that he accepts the buyer’s requests and needs to provide them. This allows businesses and companies a high level of control over the purchases that they make and the expectation of quality in service or production.
Another important reason as to why purchase orders are needed is because they provide a clean, clear, and organized system for budgeting and forecasting, and allow the management to clearly trace the amount of money being spent by a business and on what the money was spent on.
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General Contents of a Purchase Form
- Purchase order number
- Billing address
- Delivery address
- Shipping date
- Products or services offered
- Specific terms and conditions
Purchase Order Forms can either be electronic or non-electronic in type. The Purchase Forms we provide are easily accessible and help you save money and time from having to tediously draft one. Our Purchase Form samples range from Purchase Requisition Forms to Purchase Order Forms and cover the necessary details that need to be incorporated in a Purchase Order Form.
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