PRO-FORMA INVOICE Definition

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PRO-FORMA INVOICE is a price quote. It is written as an invoice, and, in effect, says: This is the purchase price and terms we are offering.

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EXEMPT is being freed from or not subject to an obligation, liability, tax, etc.; excused. Examples: exempt gifts or tax-exempt bonus.

OVERHAUL is to rebuild, make repairs or adjustments to, e.g. an overhaul expense would be the expenditures incurred in making the subject item(s) acceptable once again.

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