Procurement, whether it's for goods or for services, involves a number of terms and concepts that are important to understand. Here are a few key terms that are commonly used in the procurement of goods and services: 

• Purchase Order (PO): A purchase order is a document that is issued by a buyer to a supplier, outlining the specific goods or services that are being purchased, along with the terms and conditions of the purchase. Purchase orders are typically used to initiate a transaction between a buyer and a supplier, and they serve as a legal document that outlines the obligations of both parties. 
• Invoice: An invoice is a document that is issued by a supplier to a buyer, outlining the specific goods or services that have been provided, along with the associated costs. Invoices are typically used to request payment from the buyer for the goods or services that have been provided. 
• Contract: A contract is a legally binding agreement between a buyer and a supplier that outlines the terms and conditions of a purchase. Contracts typically include details such as the specific goods or services that are being provided, the price and payment terms, and any warranties or guarantees that are associated with the purchase. 
• Requisition: A requisition is a document that is used to outline requirements of goods or services towards the company’s activity. This document is usually used internally within an organization, and it typically includes details such as the specific goods or services that are being requested, the quantity, and the delivery date. 
• RFQ (Request for Quotation): An RFQ is a document that is used to request quotes from multiple suppliers for specific goods or materials. The RFQ typically includes details such as attributes and quantities of specific goods that are being requested, and the delivery schedule, and it is sent to multiple suppliers for bidding. 
• RFP (Request for Proposal): An RFP is a document that is used to request proposals from multiple suppliers for a specific service. The RFP typically includes details such as the specific goods or services that are being requested, the quantity, and the delivery date, and it is sent to multiple suppliers for bidding. 
• SLA (Service Level Agreement): An SLA is a legally binding agreement between a buyer and a supplier that outlines the specific services that will be provided, along with the associated costs and any service level guarantees that are associated with the purchase. 
• SOW (Statement of Work): A SOW is a document that outlines the specific work that will be performed by a supplier and the associated costs. It typically includes details such as the specific services that will be provided, the delivery date, and any service level guarantees that are associated with the purchase. 
• PO amendment: A PO amendment is a document used to change the original PO. It can be used to add, change or delete the original PO. 
• MOQ (Minimum Order Quantity): The minimum amount of goods or services that must be ordered from a supplier in order to receive a specific price or to have an order fulfilled. 

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