basic ordering agreement definition

basic ordering agreement

Written agreement (not necessarily constituting a binding contract) between a buyer and a seller, laying down the terms applicable to procurement of one or more named items for a stated period. It also contains detailed specifications on the goods or services to be supplied, and affirms their agreed upon prices (or the formula or method used in price determination).

basic ordering agreement is in the Agreements & Contracts and Purchasing & Procurement subjects.

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