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A purchase order (PO) is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services required. Learn about the legal, financial, and practical aspects of POs, as well as their formats and examples.
A blanket order is a purchase order that allows multiple delivery dates over a period of time, often with predetermined pricing. Learn how blanket orders are used in different contexts, such as libraries, maintenance services and federal acquisition, and what challenges they may face.
EDI is the concept of businesses electronically communicating information that was traditionally communicated on paper, such as purchase orders, invoices, and ship notices. EDI has many standards, such as X12, EDIFACT, GS1, and HL7, that facilitate data exchange between parties.
Lead time is the latency between the initiation and completion of a process, such as order, production, or delivery. Learn how to calculate and shorten lead time in different contexts, and see the difference between actual, requested, quote, and confirmed lead time.
EPC is a type of turnkey contract for large-scale and complex infrastructure projects. It stands for engineering, procurement, and construction, and the contractor delivers a complete facility to the developer for a fixed price and date.
Bulk purchasing is the purchase of large quantities of goods at a lower unit price than usual. It can benefit consumers, wholesalers, retailers, and the economy, but also face challenges and controversies in some industries.
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