Discuss the functions of purchasing department in an Industry. Explain some
methods of purchasing commonly adopted in an Industrial Purchasing. Why
should the purchasing documents be legally sound?
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Identifying requirements for goods, materials and services.
Identifying reliable suppliers.
Price negotiations.
Comparison of delivery terms.
Establishing order quantities.
Writing requests for bids and awarding supply contracts.
Coordinating delivery with the warehouse against storage capacities.
Methods of Purchasing: There are several methods that may be utilized to request items or services. They are: blanket orders; check requests; petty cash; purchasing credit card; and purchase requisitions and orders.
The legal value of a purchase order
When a buyer generates a purchase order by formally accepting an offer or proposal from the seller, a binding contract is generated for both parties.
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