In Settlement Phase

• A. the goods or services are paid for. Relevant transactions include invoicing, payment authorisation, payment, and remittance advice transmission.
• B. the buyer and seller are concerned with the gathering of market intelligence.
• C. a formal relationship is established between buyer and seller, including terms and conditions to be applied to transactions under the contract.
• D. this involves the placement and processing of purchase orders (or, in contractual terms, an offer), and acknowledgement by the seller of its preparedness to deliver (in contractual terms, an acceptance).