During project procurement, which document, when issued by a buyer and accepted by a seller, constitutes a legally binding agreement to provide goods or services under specified terms?
Statement of Work (SOW)
Request for Quotation (RFQ)
Purchase Order (PO)
Non-Disclosure Agreement (NDA)
A Purchase Order (PO) is a formal document issued by a buyer to a seller that authorizes a purchase transaction. When the seller accepts the PO, it becomes a legally binding contract between the two parties, detailing the items, quantities, prices, and terms agreed upon. A Request for Quotation (RFQ) is a solicitation sent to potential suppliers requesting pricing and availability for specific items, but it does not constitute a binding agreement. A Non-Disclosure Agreement (NDA) is a legal contract protecting confidential information, not directly related to procurement of goods or services. A Statement of Work (SOW) outlines the scope, deliverables, and timelines for a project but doesn't itself form a legally binding purchase agreement when accepted.
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