This transaction is legally binding through the agency concept. An agency relationship requires at least three parties. The first party is the principal, the one with the need. The second party is the agent, who represents the principal. The third party Is the one with which the agent conducts business on behalf of the principal. The purchasing manager Is an agent for the firm. The terms purchasing manager, buyer, and purchasing agent will be used interchangeably. The purchasing manager administers the purchasing function.
The purchasing function consists of many tasks within the business entity, including supporting the company with the required (1) materials, (2) supplies, and (3) services. The most Important task that the purchasing officer is involved in is representing the principal in the development and negotiation of contracts with third parties. The title purchasing agent is a generic legal term. Recently, the term has been superseded by vice president of purchasing, vice president of materials management, and vice president of supply management.
From a legal standpoint, the term purchasing agent accurately defines the individual who deals with a third party for a principal. The selection of the senior purchasing manager is an important recruitment effort since the person will “inherit” the ironical-agent relationship for all the expenditures and commitments of the company made by the purchasing agents. From a legal point of view, the following factors are associated with the appointment: 1. The purchasing manager must be granted the authority to make purchase contracts.
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