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List of Purchasing Definitions, Explanations & Articles

purchasing
The activity of acquiring goods or services to accomplish the goals of an organization. The major objectives of purchasing are to (1) maintain the quality ...
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procurement
The act of obtaining or buying goods and services. The process includes preparation and processing of a demand as well as the end receipt and approval of ...
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letter of credit (L/C)
A written commitment to pay, by a buyer's or importer's bank (called the issuing bank) to the seller's or exporter's bank (called the accepting bank, ...
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ex factory
Applied to a price, this means the price at the factory, and does not include any other charges, such as delivery or subsequent taxes. Also called ex mill.
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contractor
Independent entity that agrees to furnish certain number or quantity of goods, material, equipment, personnel, and/or services that meet or exceed stated ...
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