What is the definition of a blanket order?

A blanket order is best defined as an agreement on quantity over time with flexible timing. This type of order allows an organization to contract for a specified quantity of goods or services to be delivered over a period, rather than a single delivery. This flexibility helps manage inventory levels and improves supplier relationships by securing price and availability over a set timeframe.

Blanket orders are especially useful in situations where demand is consistent but spread out across a duration, enabling organizations to leverage bulk buying effectively without committing to specific delivery dates for all quantities at once. This approach can lead to cost savings and efficiency in procurement processes.

The other options describe different aspects of procurement but do not capture the essence of a blanket order. Having a maximum quantity only focuses on limits without the broader time scope, detailing specifications does not account for the flexible delivery aspect, and a one-time purchase limits the premise of ongoing supply. Therefore, the characteristic of an agreement on quantity over time with flexible timing is what distinctly aligns with the definition of a blanket order.