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PurchaseOrderTermsandCondition 

Purchase order is a legal document issued by buyer to seller with all agreed upon terms and condition

 

 
 
Tags:  purchase orders  po  po terms and condition  purchase order and conditions 
Views:  203
Published:  August 15, 2011
 
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Slide 1: PURCHASE ORDER TERMS AND CONDITIONS PURCHASE ORDER: Its a legal document which is signed two parties for transaction of business where One party sells products or services on agreed upon terms and conditions. Most important terms used in purchase orders.(PO): Apart from general terms like Description , qty , unit price and total others terms and conditions are PRICES : It could be ex-works , for site , c&f, etc . you have to clearly mentioned the price factor . PACKING&FORWARDING COST : P&F is declared and put into po .Packing TAX : Whether it is sales tax or other federal taxes . You have to put that into purchase order. DUTIES : Excise duty if any has to be spelt out in po. DELIVERY : The date on which vendor would deliver the goods to the declared address. INSURANCE : P.O should specifically declare whether goods are covered under insurance or not .It also specify who would do the insurance . FREIGHT : Freight cost is fixed and who would bear the cost of freight is also finalised. DEDUCTION AND PENALTIES : Deduction for delay in delivery or for any features are also finalised during negotiations and are mentioned in po .
Slide 2: BANK GUARANTEES The buyer holds certain amount of money against bank guarantees from suppliers once the supplier submits the BG the balance payment is released.In case any poor performance or breach in any terms and condition the buyer may en cash the BG. INDEMNITY BONDS Few companies issues an indemnity bond for guarantee of performance . PAYMENT TERMS : All type of payment arrangement could be negotiated .LC ,Cash against Documents Advance payment , against delivery , cash , 15,30,60,90days credit. Staggered payment like 10% advance 30% against delivery 50% after installation and commissioning 10% after 12 months . Bank guarantees or Indemnity Bond : Advance payments are subject to bank guarantees for the advance paid . FORCE MAJEUR : This clause is for sellers protection when some incidents happens which is beyond suppliers control then buyer cannot claims dues from suppliers .Like , earth quake , arson , strikes , storm etc . TERMS USED IN CAPITAL PURCHASES. SCOPE OF WORK : Scope of work is defined for both the parties . WARRANTY AND GUARANTEE FOR PERFORMANCE Warranty and guarantees are finalised and declared in po for any malfunctioning or
Slide 3: manufacturing defects of machines. INSTALLATION AND COMMISSIONING : Installation charges are finalised and declared in po. more on purchasing - purchasingdesk.com

   
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