PURCHASE ORDER Meaning and
Definition
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A purchase order refers to a commercial document issued by a buyer to a seller indicating the details of a purchase, including the products or services being ordered, the quantity, unit price, and total cost. It serves as a robust contractual agreement between the buyer and seller, outlining the terms and conditions of the transaction. The purchase order ensures that both parties are aware of their rights and obligations, facilitating a smooth and transparent business transaction.
Typically, a purchase order includes essential information such as the buyer's name, address, and contact details, as well as the seller's details. It also provides a unique identification number for easy reference and tracking. The document specifies the exact items or services requested, including any specific specifications or requirements. The quantity or units required are clearly mentioned, enabling accurate fulfillment by the seller.
Additionally, a purchase order indicates the agreed-upon unit price of each item or service, thereby enabling the seller to calculate the total cost. In some cases, it may also include relevant taxes, discounts, or shipping charges. Moreover, a purchase order may specify the desired delivery date or indicate any required terms of payment, such as partial or full pre-payment or payment upon delivery.
The purchase order is a crucial element of the procurement process, ensuring that both parties are on the same page regarding the details, commitments, and expectations related to a purchase. It serves as a tangible record of the transaction and can act as evidence in case of any disputes or discrepancies.
Common Misspellings for PURCHASE ORDER
- ourchase order
- lurchase order
- -urchase order
- 0urchase order
- pyrchase order
- phrchase order
- pjrchase order
- pirchase order
- p8rchase order
- p7rchase order
- puechase order
- pudchase order
- pufchase order
- putchase order
- pu5chase order
- pu4chase order
- purxhase order
- purvhase order
- purfhase order
Etymology of PURCHASE ORDER
The word "purchase order" is derived from the two separate words "purchase" and "order".
The term "purchase" originated from the Old French word "purchacier" which meant "to seek by exertion or effort". It further evolved from the Latin word "pulchritia" which meant "desire" or "longing". Over time, it came to refer specifically to acquiring something by paying for it.
The word "order" has a parallel evolution. It comes from the Old English word "ordre", which originated from the Latin word "ordo" meaning "a row, series, or arrangement". In the context of commerce, "order" refers to a request or instruction for goods or services.
When combined, "purchase order" refers to a document or form that a buyer issues to a seller, indicating the details of a purchase transaction such as product descriptions, quantities, prices, and delivery terms.
Similar spelling words for PURCHASE ORDER
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