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Acceptance
1. Indication that all parties to the contract
agree to be bound by the terms of the
contract.
2. An indication by one party of a willingness to
act in accordance with the contract or offer.
3. The assumption of a legal obligation by a
party to a contract and to the terms and
conditions of that contract.
4. The act of receiving the good or service by an
authorized representative with the intention of
approving the good or service for payment.
May include transfer of title.
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Acceptance of Offer
The agreement of the
Supplier to deliver the goods ordered for the
price offered.
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Acceptance of Order
The agreement of the
purchaser to an offer submitted by a supplier.
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Acceptance Sampling (Acceptance Testing)
A
quality control technique used to evaluate the
overall condition of a given lot by physically
inspecting a portion or sample of the lot. See
also: Acceptable Quality Level (AQL).
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Bank/Banker’s Acceptance
A draft or bill of
exchange drawn on a bank and acknowledged
as valid by that bank.
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Trade Acceptance
A non-interest bearing,
negotiable bill of exchange or draft covering
the sale of goods drawn by the contractor and
accepted by the purchaser; may include the
purchaser’s specifications in place of
payment.