-
Purchase Order
A purchaser’s written document
to a supplier formalizing all terms and
conditions of a proposed transaction (e.g.,
description of the requested items, cost of
items being purchased, delivery schedule,
terms of payment, transportation).
-
Purchase Order Change Notice
A form
documenting a change made to a purchase
order.
-
Purchase Requisition (PR)
A document created
by a requestor authorizing the
commencement of a purchasing transaction;
typically will include a description of the need
and other information relative to the
transaction. May be submitted in hard copy or
via eProcurement software.
-
Purchaser/Procurer
1. One who buys or issues a solicitation for
goods, services, or construction on behalf of
an entity.
2. An individual who purchases or procures on
behalf of an entity.
3. A procurer of goods, services, and
construction.
-
Purchasing
Obtaining, renting, or leasing needed
goods or services without a long-term contract
or ongoing relationship with a vendor.
-
Purchasing (Procurement) Department
The staff
of procurement professionals in an entity who
act as the primary buyers of goods and
services and oversee any delegated
purchasing authority.
-
Purchasing Card
-
Purchasing Power Parity (PPP)
A metric that
compares the equivalent purchasing power of
various countries' currencies with one
another.
-
Purchasing/Procurement Cycle
The sequence of
activities from identification of need through
disposal or contract closeout for goods,
services, or construction carried out by a
procurement department or individual with
delegated procurement authority. See also:
Cradle-to-Grave.
-
Purchasing/Procurement Ethics
