A Standing Open Account Blanket is a type of business agreement that allows a company to purchase goods or services from a supplier on an ongoing basis without having to issue a new purchase order each time. This type of agreement is beneficial for both the buyer and the supplier, as it streamlines the purchasing process and allows for more efficient ordering. The buyer can benefit from reduced administrative costs, as well as more consistent pricing and delivery times. The supplier can benefit from more predictable sales and a better understanding of the buyer’s needs. This type of agreement is typically set up for a specific period of time, and the terms of the agreement are laid out in a contract between the two parties. This contract should include the payment terms, the types of goods or services that can be purchased, and any other relevant details. This type of agreement is often used for large orders, as it allows for more efficient ordering and ensures that the buyer is getting the best possible deal.