Types of Purchase Orders:

1. Standard PO :
Created for one time purchase where we are sure of the Item , Quantity ,
Price , Need-by date.
No need to Release the Standard PO.

2. Blanket Purchase Agreement :

Created to establish an agreement with the supplier giving the details
of the Item , Price.
A Blanket Release is to be made , without which the supplier doesn't
send the material.
There can be any number of releases for a particular Blanket Purchase
agreement.

3. Contract Purchase Agreement :

An agreement over the Amount for which the contract is done.
Only the Amount Agreed is given , Item details are not given.
When we need an Item in future , we need to create a standard PO ,
giving the Supplier name and the line details .Mention the Contract Purchase
agreement number in the 'Reference Documents' in the PO lines,
which reminds the supplier about the agreement that we had.

4. Planned Purchase Order :

Usually created for high level items (highly important) , where the
supplier treats the need-by date as tentative date.