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What Is A Contract? |
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Answer» A contract is an agreement between a customer and a vendor that states that the vendor will SUPPLY MATERIAL to the customer at an agreed price for a specified period of time. It can be based on either a total quantity or a total price. A contract avoids the NEED to CREATE a new purchase order each time the material or SERVICE is required. A contract is an agreement between a customer and a vendor that states that the vendor will supply material to the customer at an agreed price for a specified period of time. It can be based on either a total quantity or a total price. A contract avoids the need to create a new purchase order each time the material or service is required. |
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