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Purchase Order Forms

A purchase order (PO) is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services....

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A purchase order (PO) is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services. It is used to control the purchasing of products and services from external suppliers.[1] Purchase orders can be an essential part of ERP system orders.

The issue of a purchase order does not itself form a contract. If no prior contract exists, then it is the acceptance of the order by the seller that forms a contract between the buyer and seller.
Companies use purchase orders for several reasons. Purchase orders allow buyers to clearly and explicitly communicate their intentions to sellers. They may also help a purchasing agent to manage incoming orders and pending orders. Sellers are also protected by PO's in case of a buyer's refusal to pay for goods or services.

Purchase orders provide benefits in that they streamline the purchasing process to a standard procedure. Commercial lenders or financial institutions may provide financial assistance on the basis of purchase orders. There are various trade finance facilities that almost every financial institution allows business people to use against purchase orders such as:
1. Before shipment credit facility
2. Post shipment credit facility
3. Trade finance facility
4. Foreign bill purchase credit facility
5. Bill retirement credit facility
6. Order confirmation
7. Followup
 
The purpose of purchase orders is to procure materials for direct consumption or for stock, procure services, cover customer requirements using external resources, or procure a material that is needed in plants from an internal source (Long distance intra-plant stock transfers). They may also place once only procurement transactions and optimize purchasing by taking full advantage of negotiated conditions or for optimal utilisation of existing transport capacities.

carbonless purchase orders froms
The record of purchase order in most business firms are still on paper and thus there is a need for proper purchase order format. Many users wish to have professional formatting for purchase orders for several reasons. A company may wish to have a strong understanding of purchase transactions or to know the basic requirements of purchase order. It may also make it part of business documentation, which makes the process easier while keeping record of all transactions and to have good impression on the client or customer.



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