Steps in procurement of material
Write down the steps in procurement of material?
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The steps in procurement of material are illustrated below: Purchase Requisition is a sign to the purchase department to purchase convinced material needed for the production. Particulars shown in the purchase requisition - Material is to be purchased
- When it is need
- How much is to be purchased
- Assortment of Source of Supply
- Single Tender
- Limited Tender
- Open Tender
- Global Tender
- Purchase arrange
- Depiction of Materials to be supplied
- Amount to be supplied
- Trade and Cash discount Rates at which materials are supplied
- Extra charges such as Sales tax, Excise duty, packing charges, assurance Instructions in respect of delivery
- Assurance clause
- Inspection clause
- Technique of settlement of disputes
- Terms of payment Inspection and Receipt
- After the receipt of materials, inspection of the material is complete. Inspection of materials means that the amount really received is compared with the quantity ordered; as well the quality of the material is inspected.
- Statement received from the supplier is compared together with the purchase order; inspection note and goods received note.
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