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Purchase Order Series, Contracts

Purchase Orders and Avoiding Procurement Hell – Part 3

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How bad is the Purchase Order? Your business “advocate” at the buyer says there is nothing he or she can do. Now is the time to start looking at the P.O. terms, check the payment record of Buyer and determine if you take the plunge.

Perhaps you think this is unlikely to go to “fist city”, i.e. litigation and the money is just too tempting.

Hold on. You are jumping the gun. It’s not even about suits (lawyers and lawsuits). It’s about getting paid.

What do other vendors say about payment? Check with your cusotmer's suppliers who aren't your competitors (find them through your contacts, trade show directories and magazines, wholesale directories, and even the customer's website under news).

Whether it’s a simple check of Google “bankruptcy, litigation, financial problems, difficulties…” or looking at Experian re payment history, you need to know your financial odds of getting paid, let alone timely payment.

Still ready to take the plunge? Watch this account like a hawk.
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