The buyer for a vendor received an offer to acquire a specific item and if a certain quantity is ordered, a specific cost for that item will be given. Which purchase contract type needs to be created?
The buyer for a vendor received an offer to acquire a specific item and if a certain quantity is ordered, a specific cost for that item will be given. Which purchase contract type needs to be created?
The blanket purchase contract is the most suitable contract type when a specific quantity and cost for an item are agreed upon in advance. This contract type is typically used for ongoing purchases of materials or services, where the exact quantities and delivery schedules may vary but the general agreement on price and terms is set. This ensures that the buyer can order varying quantities over a period of time without renegotiating the price each time.
i think answer is A https://www.ibm.com/support/knowledgecenter/pt/SSLKT6_7.6.0/com.ibm.mbs.doc/contpurch/c_price_contracts.html?pos=2
I also think that is A. Price contract is an agreement with a vendor on the price for services or items
D - Purchase Contract - it allows for changes on the PO if a certain quantity is ordered. Purchase – A purchase contract can allow the quantities and prices to be changed on the purchase order. It is the only type of purchase contract that can have a payment schedule. Price – A price contract has agreed upon prices that cannot be changed on the PO. The price contract normally has a quantity of one because it is expected that the user will enter the quantity required.
Purchase Contracts: These types of contracts set specific pricing for items or services over a specified amount of time with a specific vendor. They differ from blanket and pricing contracts in that they require a purchase order that does not specify a maximum amount to be spent. Answer is A.
Purchase Contracts Purchase contracts are used in conjunction with vendors and they define a legally binding agreement between your organization and a vendor. The contract helps to define on agreed upon pricing for materials and services that your organization has negotiated with vendors. The contract helps to define the prices for items or services, the quantities of these entities as well as the conditions under which they will be purchased and invoiced. In a new install of Maximo there are three types od contracts that be used. Price contract application does not exist. It is Purchase - D
Correct answer is A. Question says "Which type of purchase contract"
There is price contract type but no price application.