Sourcing glossary
Proforma invoice
Also known as: PI, Pro forma invoice, 形式发票, 견적송장
A preliminary invoice the supplier issues before production or shipment, setting out goods, prices, payment terms and bank details, used to confirm the order and pay the deposit.
In China sourcing the PI is often the de facto contract: you pay the deposit against it. Check that the company name and bank account holder match the supplier's business licence, and that specifications, packaging, Incoterm and lead time are written in, not just price and quantity.
A PI is not the commercial invoice used for customs clearance; that is issued at shipment. A last-minute change of bank details on a PI is a classic fraud sign — confirm by phone before paying. See how to pay Chinese suppliers.
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Guides that use this term
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Suppliers
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Part of Incoterms & Payment.