Functions of Treasury Management

 Treasury Management aims to ensure that adequate cash is available with the organization, during the outflow of funds. Further, it also contributes to optimum utilization of funds and makes sure that there are no unutilized funds kept in the firm for a very long term. The functions of treasury management are discussed below:

 

Cash Management: Treasury Management includes cash management, and so it ensures that there are an effective collection and payment system in the organization.

Liquidity Management: An optimum level of liquidity should be maintained in the business, for the better and smooth functioning of the business, i.e. the company must be able to fulfil its financial  obligation  when  they  become  due  for  payment,  such  as  payment  to  suppliers, employees, creditors, etc.And to do so, cash flow analysis and working capital management act as the most important tool for treasury management, to achieve its strategic goals.

  Availability of funds in adequate quantity and at the right time: The treasury manager has to ensure that the funds are available with the organization in sufficient quantity, i.e. neither be more nor  less,  to  fulfil  the  day  to  day  cash  requirement  for  the  smooth  functioning  of  the

enterprise.Further, timely availability of funds also smoothens the firm‘s operations, resulting in the certainty as to the amount of inflows available with the company at a particular point in time.

     Deployment of funds in adequate quantity and at the right time: The deployment of funds has to be done in right quantity such as the acquisition of fixed assets, purchase of raw material, payment of expenses like rent, salary, bills, interest and so forth. For this purpose, the treasury manager has to keep an eye on all receipts of funds and the application thereof.Further, the funds must be available at the time of need, which may be different for different firms and also for the purpose for which they are used. The period may differ from a week to month when it comes to acquisition of the fixed assets and two to three days in case of working capital requirement.

     Optimum utilization of resources: Treasury Management also aims at ensuring the effective utilization  of  the  firm‘s  resources,  to  reduce  the  operating  costs  and  also  prevent  liquidity shortage in the coming time.

     Risk Management: One of the primary objectives of the treasury management is to manage financial risk to allow the enterprise to meet its financial obligations, as they fall due and also ensure predictable performance of the business. It tends to identify, measure, analyze and manage risk in order to mitigate losses that has the potential to affect the company‘s profitability and growth in any way.Hence, treasury management is accountable for all types of risk that can influence the business entity.

 

Further,  the  treasury  management  intends  to  maximize  return  on  the  funds  available  with  the company, by making such investments which have higher return and low risk.

 

Treasury Management

 Treasury Management can be understood as the planning, organizing and controlling holding, funds and working capital of the enterprise in order to make the best possible use of the funds, maintain firm‘s liquidity, reduce the overall cost of funds, and mitigate operational and financial risk.Treasury Management includes a firm's collections, disbursements, concentration, investment and funding activities. In larger firms, it may also include financial risk management. Most banks have whole departments devoted to treasury management and supporting their clients' needs in this area.It covers working capital management, currency management, corporate finance and financial risk management. Simply put, treasury management is the management of all financial affairs of the business such as raising funds for the business from various sources, currency management, cash flows and various strategies and procedures of corporate finance. The key goal of treasury management is planning, organizing and controlling cash assets to satisfy the financial objectives of the organization. The goal may be to maximize the return on the available cash, or minimize interest cost or mobilize as much cash as possible for corporate ventures.

Incentive package to attract inves

Bangladesh Economic Zones Authority (BEZA) has, of late, come up with various incentives to attract local and foreign investors to economic zones, which are being developed in the country under four types of arrangements.

The BEZA, that had started its journey in 2010 with a view to facilitating industrialisation for job creation, increased exports and advancement of the economy, has taken the belated move in order to boost the country's exports.

The types of arrangements under which the government seeks to boost the country's industrialisation process are - by the government itself, under public-private partnership arrangement, by private sector players, and under government-to-government contracts.

Under the package, economic zone developers will enjoy ten-year tax holiday, duty-free import benefit and exemption from land registration fees, stamp duty and local government taxes. And investors in the industrial enclaves will enjoy full tax holiday for the first three years of the operation of their projects.

Investors are set to enjoy reduced tax breaks for the remaining seven years and the benefit will be reduced by 10 percentage points every year until the tenth year. Companies setting up factories inside the economic zones will avail duty-free import of raw materials and bonded warehouse benefits to make products for both domestic and international markets, say the reports.

Added to this, firms will get 50 per cent discount on land registration fee, stamp duty and local government taxes. Investors will enjoy tax exemption on royalty and dividend payment, while their foreign employees will avail 50 per cent off on income taxes.

In addition, there will be no bar on repatriation of capital and profit as well as foreign exchange. Above all, electricity, gas and other connections will be easier to get in the economic zones. Factories that were in operation prior to issuance of licence for economic zones will not be able to avail the incentives.

The economic zones will be under the BEZA. So companies will have to be compliant. This will be instrumental for them to get the market for their products. This is another reason for many firms to show interest.

Bangladesh's economy is now experiencing remarkable growth which has been facilitated by political and macroeconomic stability. The government envisages higher rate of growth and improved employment by creating a more liberalised trade and investment environment, thereby attracting large-scale foreign investment.

Issues related to availability of land, high taxation rates, combined with administrative and logistical hurdles have always stood in the way of attracting investment. The BEZA will single-handedly deal with all these matters to remove the hurdles

What is encouraging is that a rising number of entrepreneurs are joining the queue to establish private economic zones, encouraged by tax breaks and a host of other benefits offered by the government. About 43 entrepreneurs have so far applied to the BEZA for licences to set up economic enclaves on their own land.

The Authority awarded the final licences to six and pre-qualification licences to 17 applicants so far. The remaining 20 applicants are awaiting approval from the BEZA governing board headed by the Prime Minister.

The BEZA list of investors, who want to set up private economic zones, include big business groups such as Meghna, City, Aman, Bashundhara, Akij, Abdul Monem, Unique, Nitol-Niloy and Kazi Farms.

Finance Minister AMA Muhith, meantime, expects that export earnings of the country will increase by additional US$40 billion and 10 million more jobs will be created when all economic zones (EZs) will be operational. He said the  government plan is to establish 100 economic zones in 30,000 hectares of land by 2030. Establishment of 76 economic zones has been approved so far.

One of the preconditions for rapid economic development is increased investment. Bangladesh is gradually increasing public investment. The government is  now working to create investment-supporting environment for the private sector.

The availability of electricity, gas and water connections, timely processing of investment proposals, availability of undisputed land play a crucial role in attracting private investment. The government enacted Bangladesh Economic Zones Act for making these services easily available to the investors. In pursuant to this Act, BEZA was established under Prime Minister's Office in 2011. Besides, the Private Economic Zone Policy 2015 was formulated.

The country is going fast in developing economic zones across the country that is scheduled to bolster the country's economic growth through boosting exports and creating employment opportunities. The National Board of Revenue (NBR) is providing all sorts of support to BEZA in formulating an investment-friendly tax pattern for the investors to develop economic zones. According to the NBR, the unit investors will import raw materials without paying import duty and value added tax (VAT) under the new arrangement.

BEZA has also already reformed some of the concerned legal framework to boost investment in economic zones, and received investment commitments amounting to $17 billion over last few months.

The government, meantime, needs to give some time-bound conditions to ensure tangible results. For example, a certain portion of land should also be allocated for development of planned township to ensure all amenities for workers in the zone. This will help make the country's industrialisation process meaningful.

All indications suggest that the private economic zones would be surrounded by planned cities with modern housing that will certainly lead to vibrant economic activities. The challenge that lies ahead of the country is to consolidate the gains of the new initiative by accelerating economic growth at a harmonic pace, in an inclusive and sustainable manner.

EXPORTER’S RETENTION QUOTA ACCOUNT

 

EXPORTER’S RETENTION QUOTA ACCOUNT (ERQ ACCOUNT)

This account can be opened by Bangladeshi Exporter. With this account balance, exporters can promote their businesses abroad, open liaison office(s), and cover import cost of raw materials and machinery.

Rates of quota are

• Merchandise exporters are entitled to a foreign exchange retention quota of 60% of repatriated FOB value of their exports.
• Exporters of computer software and data entry/processing services may retain 60% of export earnings repatriated in foreign exchange in ERQ accounts.
• Readymade garment, furnace oil, bitumen-10% of the repatriated of FOB value.

(a) Retention quota for merchandise exporters

Merchandise exporters are entitled to a foreign exchange retention quota of 60(sixty) percent of repatriated FOB value of their exports. However, for exports of goods having high import content (low domestic value-added) like POL products including naphtha, furnace oil and bitumen, readymade garments made of imported fabrics, electronic goods etc. the retention quota is 15(fifteen) percent of the repatriated FOB value.

(b) Retention quota for deemed exporters

Retention quota account may also be opened and maintained in the names of deemed exporters for supplying inputs against inland back to back letter of credit denominated in foreign currency. Since foreign exchange earned from direct export is to be shared among direct and deemed exporters, ADs are obliged for the meticulous compliance of the followings:

(i) the total amount credited to the direct exporter's retention quota account together with foreign exchange paid to the deemed exporter against supply of input must not exceed the net repatriated FOB export value of the direct exporter; and

(ii) the foreign exchange shall be credited to the retention quota account of the deemed exporter only after settlement of the amount against back-to-back LC for deemed export.

(c) Retention quota for export of software, data entry/processing and other ICT related

services

Exporters of software, data entry/processing and other ICT related services may retain 70(seventy) percent of net export earnings repatriated in foreign exchange in ERQ accounts.

(d) Retention quota for other service exporters

Service exporters other than those mentioned at para (c) above may retain 60(sixty) percent of their repatriated export receipts in ERQ accounts against service rendered in non-physical form However, foreign exchange earnings on account of indenting commission or agency commission for export from Bangladesh cannot be credited to such accounts since these incomes originate from Bangladesh sources.

What is an export development fund

 An export development fund (EDF) is a type of financial assistance that supports exporters or export-oriented businesses in developing or expanding their international markets. EDFs can be offered by governments, multilateral organizations, or private institutions. They can have different objectives, such as promoting economic development, diversifying exports, enhancing competitiveness, or reducing trade barriers. EDFs can also have different forms, such as loans, guarantees, insurance, or grants.

What are the benefits of using an export development fund?

Using an export development fund can provide several advantages for your business, such as access to capital that may not be available from other sources, especially for SMEs and new exporters. It can also reduce the risks and costs associated with exporting, such as currency fluctuations, payment defaults, political instability, or regulatory changes. Furthermore, an EDF can help increase your market share and profitability by reaching new customers and regions or offering more competitive prices or terms. Additionally, you can improve your skills and knowledge by learning from best practices, market research, or technical assistance provided by the EDF provider.

What are the challenges of using an export development fund?

Using an export development fund can present some challenges for your business. These can include meeting the eligibility criteria and application requirements of the EDF provider, abiding by the terms and conditions of the agreement, contending with competition from other exporters or businesses, and dealing with potential delays, bureaucracy, or corruption that could affect the delivery or effectiveness of the EDF.

Value Date: What It Means in Banking and Trading

 A value date is a future date that is used for determining the present value of a product or security that fluctuates in price. It is the date at which funds, assets, or money's value becomes effective. Typically, value dates are used in determining the payment of financial products and accounts where there is a possibility for discrepancies due to differences in the timing of valuations. Such financial products can include forward currency contracts, option contracts, and the interest payable or receivable on personal accounts.

Value Date in Banking

When a payee presents a check to the bank, the bank credits the payee’s account. However, it could take days until the bank receives the funds from the payor’s bank, assuming the payor and payee have accounts with different financial institutions. If the payee has access to the funds immediately, the receiving bank runs the risk of recording a negative cash flow. To avoid this risk, the bank will estimate the day it will receive the money from the paying institution, and hold the funds in the payee’s account until the expected day of receipt. In effect, the bank will post the amount of the deposit for a couple of days, after which the payee can use the funds. The date the funds are released is referred to as the value date.

Value Date in Trading

When there is a possibility for discrepancies due to differences in the timing of asset valuation, the value date is used. In Forex trading, the value date is regarded as the delivery date on which counterparties to a transaction agree to settle their respective obligations by making payments and transferring ownership. Due to differences in time zones and bank processing delays, the value date for spot trades in foreign currencies is usually set two days after a transaction is agreed on. The value date is the day that the currencies are traded, not the date on which the traders agree to the exchange rate.

What Is an Offshore Banking Unit (OBU)?

What Is an Offshore Banking Unit (OBU)?

An offshore banking unit (OBU) is a bank shell branch, located in another international financial center. For instance, an offshore banking unit could be a London-based bank with a branch located in Delhi. Offshore banking units make loans in the Eurocurrency market when they accept deposits from foreign banks and other OBUs. Eurocurrency simply refers to money held in banks located outside of the country which issues the currency.

Local monetary authorities and governments do not restrict OBUs' activities; however, they are not allowed to accept domestic deposits or make loans to residents of the country, in which they are physically situated. Overall OBUs can enjoy significantly more flexibility regarding national regulations.

About Offshore Banking

• Bangladesh Bank first allowed offshore /banking operation in 1985
• Specialized banking services offered to enterprises of EPZ
• Transact only in foreign currencies
• Can be a distinct branch or booth of an existing branch
• Separate licensing is required to carry out offshore banking

Products of Offshore Banking

• Trade services products
• Letter of credit
• Discounting of import and export bill
• Bank guarantee
• Deposit products
• Term/Fixed deposit
• Savings deposit
• Current deposit
• Loan products
• Short term loan i.e. cash credit, PAD, LTR, FDBP etc.
• Long and medium term loan

Customers of Offshore Banking

• Fully foreign owned (Type A) enterprises of EPZ
• Joint venture (Type B) enterprises of EPZ
• Fully local owned (Type C) enterprises of EPZ
• Foreign companies
• Non Resident Bangladeshi nationals
• Resident companies of Bangladesh

What is an Irrevocable Letter of Credit

 A Letter of Credit (LC) is a payment method used by businesses – it is a document issued by a bank or a financial institution that guarantees that the exporter will receive payment from the importer on time for the full or remaining amount. Among the many types of LCs, an Irrevocable Letter of Credit (ILOC) is a guarantee for payment issued by the importer’s bank for the transaction of goods between importer and exporter, which cannot be cancelled during any specified time period. ILOCs are mostly used to facilitate international trade and offer additional risk protection for the exporter by providing a guarantee of payment from both the importer and exporter’s banks.

What is an Irrevocable Letter of Credit?

As the name suggests, an Irrevocable Letter of Credit cannot be cancelled or amended without the explicit agreement of all parties (importer, exporter and issuing bank). This LC is an official correspondence from the bank that it guarantees payment for goods being purchased by the importer who requests the Letter of Credit. The issuing bank is bound by the commitments mentioned and cannot change any terms of an ILOC once issued.

The ILOC is irrevocable and is frequently used for large transactions. It facilitates international trade because of the additional credit risk involved when two parties are unfamiliar with each other. ILOC helps exporters with receiving payment because this is a guarantee by the issuing bank (importer’s bank) that payment will be made by the bank if the importer fails to do so

Contents of an ILOC

Each irrevocable letter of credit may address a unique creditor or situation. Generally speaking, all irrevocable letters of credit will contain roughly the same information. This information includes but is not limited to:

• Information on the Issuing Bank: The ILOC should clearly identify the name, address, and phone number of the financial institution that issuing bank of the letter.
• Information on the Buyer or Applicant: The ILOC should include the buyer's or applicant's name, address, and contact information in order to identify them. The applicant is the party asking for the ILOC to be issued.
• Information on the Beneficiary: The ILOC should identify the seller or beneficiary and include their name, address, and phone number. The beneficiary is the person or entity who will receive money after the ILOC's terms and conditions are met.
• Dollar Amount: The particular dollar amount that the issuing bank is guaranteeing should be stated in the ILOC. This number is the maximum cash that the beneficiary may receive from the bank upon fulfillment of the ILOC requirements.
• Expiration Date: The ILOC should provide the date by which the beneficiary must submit the necessary paperwork in order to receive payment.
• Other Terms and Conditions: The ILOC will specify the requirements that the beneficiary must satisfy in order to be paid. These criteria could specify that goods be shipped, inspected, documented, and in accordance with all applicable rules and laws.
• Required Documentation: The ILOC will detail the precise documentation that the beneficiary must provide to the issuing bank in order to receive payment. Commercial invoices, transportation records (including airway bills or bills of lading), origin-certification records, and inspection records are examples of common papers.
• Prevailing Governing Regulations: The ILOC may specify the regulations that apply to the transaction such as the Uniform Customs and Practice for Documentary Credits (UCP 600).1
• Shipments in Parts: The ILOC may state whether or not shipments in parts are permitted. If partial shipments are allowed, it should specify the restrictions and requirements that apply to them.
• Port of Loading/Discharge: In order to ensure that items are carried as agreed, the ILOC may request the beneficiary to identify the chosen port of loading and discharge for the shipment. This may also extend to International Commercial Terms (incoterms) which control delivery and the transfer of risks between the buyer and seller.
• Insurance Requirements: The ILOC could specify what kind of insurance is needed for the cargo, how much insurance is needed, and any other particular guidelines.

Most Common Types of Letters of Credit

 

Most Common Types of Letters of Credit

Below are some of the more common types of letters of credit. The list is not meant to be exhaustive.

Irrevocable Letter of Credit

In terms of letters of credit, irrevocable letters of credit are more common than revocable ones. These stipulate that no amendments or cancellations can occur without the consent of all parties involved. Irrevocable letters of credit can either be confirmed or unconfirmed. It cannot be modified or revoked without the agreement of all parties involved, offering a high level of security for both the buyer and the seller.

Revocable Letter of Credit

Alternatively, a revocable letter of credit allows the issuing bank to modify or cancel the credit without the consent of the beneficiary. Revocable letters of credit create leverage for the issuer. It is contractually legal for one party to either amend or cancel the exchange at any time, normally without the consent of the beneficiary. These types of letters are not seen very frequently since most beneficiaries do not agree to them, and the UCP has no provision for them.1

Columbia Bank. "Letters of Credit."

Confirmed Letter of Credit

A confirmed letter of credit involves the addition of a confirmation by a bank other than the issuing bank, typically the seller's bank. This confirmation serves as a secondary guarantee of payment. This adds an extra layer of security for the seller. The seller can rely not only on the issuing bank's credit but also on the assurance of payment from the confirming bank. This type might be most suitable usually when the beneficiary does not trust the other party's bank.2

Unconfirmed Letter of Credit

An unconfirmed letter of credit is only guaranteed by the issuing bank and does not involve confirmation from another bank. While this type of letter may be simpler and less expensive for the buyer, it offers less security for the seller. The seller then has to rely solely on the creditworthiness of the issuing bank which may not be sufficient, especially if the seller is unfamiliar with other the other parties.

Standby Letter of Credit

A standby letters of credit work slightly different than most other types of letters of credit. If a transaction fails and one party is not compensated as it should have been, the standby letter is payable when the beneficiary can prove it did not receive what was promised. This is used more as insurance and less as a means of facilitating an exchange. They are commonly used in various scenarios, including construction projects, international trade, and commercial transactions.

Transferable Letter of Credit

A transferable letter of credit allows the seller to transfer all or part of the credit to another party. This flexibility can be beneficial when the seller is unable to fulfill the entire order themselves or when subcontracting certain aspects of the transaction. Transferable letters of credit streamline the payment process and facilitate complex transactions by allowing multiple parties to be involved, such as a small business supplier or construction subcontractor.

Revolving Letter of Credit

A revolving letter of credit is used for multiple shipments over a specified period, allowing the buyer to make multiple drawdowns up to a predetermined limit. This type of letter is useful for ongoing business relationships where there are frequent transactions between the buyer and the seller. An important part here is to realize each party has an ongoing, familiar relationship meaning there is a certain standard of higher trust involved. Revolving letters of credit simplify the payment process by eliminating the need to open a new credit for each shipment meaning they may be more convenient and efficient.

Red Clause Letter of Credit

Red clause letters of credit include a special clause that allow the seller to receive partial payment in advance of shipment. This advance payment, often referred to as a "red clause advance," can be used by the seller to finance the production or purchase of goods for export. This type of letter of credit can give financial assistance to the seller, particularly in situations where they require funds upfront to fulfill the order. For example, consider scenarios where the seller may need to buy specific, rare, expensive raw materials for production of a custom order.

What Is a Pro Forma Invoice

What Is a Pro Forma Invoice?

A pro forma invoice is actually not an invoice. It is a preliminary bill of sale sent to buyers when an order is placed and in advance of a shipment or delivery of goods. It will typically describe the purchased items, price, and other important information such as the shipping weight and transport charges.

A pro forma invoice is different from a simple price quotation in that it lays out the terms of a transaction. However, the terms are subject to change. It represents a good faith estimate that's used to inform the buyer and prevent misunderstandings about any unexpected or significant charges once the transaction is final.

Businesses in virtually all industries use pro forma invoices to satisfy their internal purchase approval process. Pro forma invoices streamline the sales process by limiting additional back-and-forth after a transaction is intiated, as all terms have been defined upfront.

Most pro forma invoices provide the buyer with a precise sale price. They include an estimate of any commissions or fees such as applicable taxes and shipping costs.

A firm may send a pro forma invoice before shipping any agreed-upon deliverables or with the shipped items. It contains cost details associated with the sale but is not an official demand for payment. No guidelines dictate the exact presentation or format of a pro forma invoice, and it may or may not resemble actual commercial invoices

Purpose of a Pro Forma Invoice

A pro forma invoice is used by a seller to communicate to a buyer the expected costs, fees, and date of delivery for an order. This transparency can help the manufacturer avoid any misunderstandings when the order is delivered. The pro forma invoice represents an estimate of the costs that the buying party should expect to pay.

A pro forma invoice also provides the buyer with an opportunity to negotiate the terms before delivery. For example, if the buyer is not satisfied with the price, quantity, or delivery timeline, they can contact the manufacturer to reach a mutually-satisfactory conclusion.

Pro forma invoices aren't legally required but they're generally a good idea because they can prevent disputes at the time of delivery.

2

Zoho. "What Is a Pro Forma Invoice?"

Pro Forma Information

For International Shipments

Specific documentation is required before goods can pass through customs into the U.S. A traditional commercial invoice must list substantial information such as the buyer and the seller, a description of the goods, the quantity, the value for all the shipped items, and the location of the purchase, the method of payment, currency, carrier, and more.

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A pro forma invoice isn't needed for international shipments but is often used when a transaction that isn't final requires an estimate of the cost of products being bought. It should include enough information to allow customs to determine the duties needed from a general examination of the included goods. This information can include:

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• Estimated price
• Product description and quality
• Product quantity
• Payment method
• Expected delivery time

If a firm uses a pro forma invoice for customs, it must also present a commercial invoice within 120 days.

4

For Other Transactions

A pro forma invoice should include all the details of a transaction even if certain figures aren't yet final so that nothing comes as a surprise to the buyer. Depending on the type of business, a pro forma invoice can include:

• The terms "Pro Forma Invoice" and "Not an Invoice"
• Transaction date
• Product description
• Quantity
• Selling price
• Delivery date
• Handling fees
• Shipping costs
• Any customer or seller specifications

Pro Forma Invoice vs. Final Invoice

While a pro forma invoice represents a preliminary notification of the terms of a purchase agreement, a formal (final) invoice is an official commercial instrument that informs the receiving party of their payment obligation. A formal invoice is usually issued at the time of delivery, and constitutes a request for payment by the receiving party.

Unlike an official invoice, a pro forma invoice is simply used to prevent misunderstandings about the specifics of a transaction, such as the amount due. It is usually issued at the time an order is placed, so that the buyer can clarify any questions about the price or date of delivery.

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Pro Forma Invoice Example

A firm may use a pro forma invoice if the terms of the sales contract specify that full payment is not due until the buyer receives certain goods. 

For example, a bakery customer might agree to the price of a cake on a pro forma invoice, and the baker will deliver the cake once it is ready. The customer will then pay for it when they receive the final, formal invoice. The final invoice amount should be the same or close to the amount on the pro forma invoice.

What Is in a Pro Forma Invoice?

Most pro forma invoices provide the buyer with a product description, selling price, and an estimate of any commissions or fees. Although the pro forma invoice may be subject to change, it provides all transaction details so that no charges come as a surprise once the transaction is final.

How Does a Commercial Invoice Differ From a Pro Forma Invoice?

A traditional commercial invoice for international shipments must list substantial information such as the buyer and the seller, a description of the goods, the quantity, the value for all the shipped items, the location of the purchase, currency, mode of transport, payment terms and method of payment. A pro forma invoice requires only enough information to allow customs to determine the duties on the shipment, from a general examination of the included goods.

Can a Seller Cancel a Pro Forma Invoice?

It doesn't need to be. A pro forma invoice is simply a description of an impending transaction, based on an order placed by the buyer. It isn't an actual request for payment. It confirms certain details and makes it clear that others are yet to be confirmed.

The Bottom Line

A pro forma invoice is a preliminary document that outlines the terms of sale when an order is placed. Although it is not final, a pro forma invoice should give the buyer a clear understanding of the terms of sale, including the price, date of delivery, and any additional fees. It is less official than a formal/final invoice, which is typically issued at the time of delivery

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