Basic ordering agreement

Basic ordering agreement,

Definition of Basic ordering agreement:

  1. 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).

Meaning of Basic ordering agreement & Basic ordering agreement Definition