Talk:Letter of intent/Archives/2015
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Difference?
What is difference between Purchase Order, Letter of Award, Letter of Intent, Contract?
- This isn't Yahoo Answers, but m llk kjj you asked so...
- Purchase order - a confirmation or request by the purchaser that it approves the purchase of an item. May or may not be legally binding. Generally covers only the purchase of discrete things of modest scope, e.g. a purchase order to buy an automobile, 1,000 gallons of ketchup, a box of copier toner cartridges
- Letter of Award - a statement, generally not legally binding, by a purchaser to a vendor that it has won a competitive bidding process and that the purchaser intends to sign a contract in the near future. Generally covers large or complicated projects like a consulting contract, design of a significant piece of technology, a contract to build a building, supply military vehicles, etc.
- Letter of intent - non-binding (except perhaps a few special sections regarding negotiations, confidentiality and other process issues) statement by one or both parties that they wish to complete an agreement. The agreement could cover any subject. Often used by companies that are undertaking a joint venture or financing.
- Contract - a legally binding agreement between parties, could cover nearly any business arrangement