Rate of procurement by supply chain companies 2020
During a 2020 survey, over one-third of supply chain leadership members stated that their company uses mostly contract rate procurements to facilitate business relations. Spot and contract rates are two of the possible types of exchange agreement between parties to settle and pay for a service. The spot rate is a procurement rate determined at the time of purchase mostly for transactions in two days. On the other hand, a contract rate, also known as a futures contract, settles an exchange between parties now at a rate for a future transaction.
