Home›Business Management›What is a Purchase? Definition:A purchase means to take possession of a given asset, property, item or right by paying a predetermined amount of money for the transaction to be completed successfully. In other words, its’ an exchange of money for a particular goo...
A purchase and sale agreement, also called a sales and purchase agreement or a purchase and sales contract, is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property. A key thing about a ...
The order needs to be approved by the seller to be a legally binding document. There is a number of elements on a purchase order, including the date of the order, a description of goods and services to be purchased, quantities, and payment terms. One of those elements is the unique PO...
What is a purchase order (PO)? A purchase order is an official, often legally binding document that is created by a buyer and sent to a seller, documenting the agreement for the sale of specific products and/or services that will be delivered later. A purchase order allows the buyer to ...
How Purchase APRs Work The APR on a credit card is an annualized percentage rate that is applied monthly. If the advertised APR on a credit card is 19%, for example, then an interest rate of 1.58% (19% divided by 12 months) will be imposed on the outstanding balance each month. ...
Definition of Purchase Discount A purchase discount is a deduction that a company may receive if the supplier offers it and the company pays the supplier’s invoice within a specified period of time. The purchase discount is also known as a cash discount or early-payment discount. (A supplier...
A purchase allowance is a reduction in the buyer’s cost of merchandise that had been purchased. The purchase allowance is granted by the supplier because of a problem such as shipping the wrong items, an incorrect quantity, flaws in the goods, etc. In the case of a purchase allowance, th...
What is a purchase and sale agreement? A purchase and sale agreement, or PSA, is a contract that’s commonly used in real estate transactions, likebuying a home. You can think of a PSA as a kind of preliminary agreement between the buyer and seller. It declares the buyer’s intent to...
What is a purchase requisition and why is it important for your business? Read this article to find out.
A purchase agreement is a contract generally used in transactions where the buyer is purchasing goods instead of services. This type of contract is most common in more complex and expensive transactions, such as purchasing real estate or large, specialized equipment. ...