Definition of Exchange Order
Exchange Order is a document that allows a holder to exchange a specific product or service for another of equal or lesser value at a later date. It is used in situations where a customer has purchased a product or service but wants to exchange it for something else after the fact. The Exchange Order serves as proof that the original purchase has been made and allows the customer to make a new purchase without the need for a cash refund. It is often used in the travel industry for airline tickets or hotel reservations, where a customer may need to change their plans but does not want to lose the value of their original purchase. The Exchange Order typically contains information about the original purchase, the terms of exchange, and the expiration date for its use.
« Back to Glossary Index