If you are choosing between a design you hold and a design we develop, read OEM vs ODM. If you are weighing own-label against selling other people's stock, read private label vs reselling.
If you are comparing factories, use the twelve questions, and send the same brief to each. When you are ready to write your brief, the one-page checklist lists what to include. Unfamiliar words are defined in the glossary.
Terms are never guessed here. Price, minimum order and lead time are confirmed in your quote; payment is 50% advance with the balance as agreed; shipping is EXW Noida; samples are paid, with the cost reimbursed or adjusted by agreement.