• Purchase Order A Purchase Order is a legally binding contract which authorizes the supplier to ship and invoice for the materials and/or services as specified. The Purchase Order formalizes all the terms and conditions of a transaction, and includes: a) A full description of the item(s) or services being purchased b) Quantity and unit of measure c) FOB (Free on Board): where ownership of the goods changes from the supplier to VCC) d) Estimated delivery time e) Deliver to location and contact person (Requester) f) Terms of payment (usually Net 30) g) Price A Purchase Order is created by Procurement from an electronic Banner requisition generated by an authorized Preparer. Some additional approvals may be needed to expenses greater than $25,000, Grant funding, and computer equipment. Only signed Purchase Orders from the Procurement Office are valid PO’s. Supplier Terms and Conditions are sent to the vendor along with the Purchase Order. Any modifications/changes to the Purchase Order must be coordinated through the Procurement Office.
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