![]() ![]() A purchase order, as a contract, helps businesses keep track of their purchases, eliminating confusion for the vendor, overbillings, and even incorrect quantities. ![]() Many small businesses are tempted to place large orders over the phone, which can lead to inaccuracies that end up costing them money. The vendor will send your company the goods you require, and send your company an invoice that is usually net 30 or net 60 days, depending on your agreement with the vendor. Once a vendor accepts a purchase order, it becomes a contract between buyer and seller. The purchase order serves as an offer, on paper, to buy a specific product, in a specific amount, for a specific price. A purchase order is much more than just a form it’s a form that represents a way of life for many businesses that order large quantities of raw goods or supplies from a vendor on a regular basis.
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