ECONOMICS

Detailed explanation-1: -A purchase order is a document that is sent from a buyer to a supplier that details the items or services being requested. It is a binding agreement between the buyer and the supplier that outlines the terms and conditions of the purchase.

Detailed explanation-2: -The purchase order is a document generated by the buyer and serves the purpose of ordering goods from the supplier. The invoice, on the other hand, is generated by the supplier and shows how much the buyer needs to pay for goods bought from the supplier.

Detailed explanation-3: -Purchase Orders are documents issued from a Buyer (your organization) to a Seller (the vendor). They are an important tool for Buyers because they formalize requirements and pricing, and serve as legally binding documentation of the goods/services that were ordered.

Detailed explanation-4: -Purchase Order Date means the date on which any Purchase Order is issued by Owner in accordance with the terms of this Contract.