Sample Of Lpo Template
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What is an LPO? Showing the products the buyer intends to purchase and the transaction takes place within the boundaries of a country. To further understand the meaning of LPO, it is important to note that this document is for purchasing a product when the seller and buyer are within the same locality or within the boundaries of a country. The local purchase order is important in that it protects the seller from incurring losses and the buyer from receiving wrong products. Most organizations have a local purchase order sample which is used to create other local purchase orders.
READ ALSO: Types of purchase ordersThere are four main types of purchase orders discussed below: 1. Standard purchase orderThis is a type of purchase order from the buyer to the seller of the product when you are certain about the order details such as delivery date. Example of standard purchase orderCompany ABC based in Nairobi decides to buy 50 computers from XYZ Company at a price of Ksh 50,000 per computer and they are to be delivered in 30 days of order date. ABC Company will send a standard purchase order to XYZ Company, for acceptance and thus it will become a legal document. Contract purchase OrderWhen the use of the product by the business varies with time, then the contract purchase order can be used. It is intended for use for a specific period of time usually one year.
Example of contract purchase orderCompany DEF based in Mombasa involved in printing uses different paper quality depending on the season of the year, this requirement is not constant. Company DEF can raise a contract purchase order.
The purchase order may contain more than one delivery date. Blanket purchase orderThis is used in situations in which the product to be purchased is known but the quantity of the product required is unknown and the business is uncertain on when to use the product. Example of blanket purchase order. Company GHI based in Kisumu and involved in printing decides to purchase 10 motorcycles each year but they are not certain on the quantity required and date of delivery. Company GHI will raise a blanket purchase order. Planned purchase orderPlanned purchase order is used when the delivery date is unknown but the other details such as the quantity of the product is known and the purchases are long term. Example of planned purchase orderCompany ZYX has realized it will be needing 10 motorcycles each year for the next 5 years.
Sample Of Lpo Orders
Company ZYX will create a planned purchase order instead of creating a purchasing order each year, then send to the seller of the motorcycles. Contents of most LPO samplesHere is an LPO sample that will give you an idea of what is expected when preparing an LPO. Most businesses have pre-existing documents of local purchase order template, they only fill new order details and date depending on the nature of the product.
Sample Of Lpo Template Download
LPO finance option is important for new businesses which have limited cash to finance their operations such as purchasing products. In Kenya, most local purchases orders can be financed by commercial banks and also micro finance institutions and government institutions such as theNIC bank loans are a good option of financing the local purchase order generated by your business. NIC bank has favourable terms and conditions concerning issuance of loans to finance a LPO. The NIC bank loans enables the business to operate smoothly and meet its obligations. Below are typical requirements of most commercial banks in Kenya concerning LPO financing.