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A quotation (quote) is a formal way of giving someone an offer for a product, part or a service. The quotation is usually given in writing as an answer to a request for quotation (RFQ). A quote can be given verbally, and still be legally binding, which is important to consider. However, the more formal way of giving someone your offer is through a written quotation.
A quote is always directed towards a specific person or a company, and usually have limited time of validity. It is important to not forget to specifiy the validity time, as the offer otherwise could be legally binding forever or at least for a long time.
The Buyer usually appreciate if the Supplier specify as much as possible in the quotation. This limits the number of question marks in a later stage, and clarifies what is included, and what is not included in the offer.
A quotation could as suggestion include the following details:
- Contact person
- At the Supplier? At the Buyer?
- Partnumbers and descriptions of the products that are quoted
- Quantities of the quoted products
- Minimum order quantities/batch sizes
- Drawings and other specifications
- References to drawing revisions and comments or review of the product drawings
- Quality demands
- Are initial samples provided? What quality assurance system is used? Warranty period?
- Delivery address
- Where will the products be delivered to?
- Delivery terms (such as INCO terms)
- Is the quoted price including for example freight?
- Payment terms
- Validity time for the quote
- Other terms (purchase agreement/contract)
- References to contracts already valid, or to general sales conditions
Download free quotation template
We provide a free quotation template in order to make it easy for you to give your quotation. You can simply download this quotation template, fill in your quote details, add in if more specifications needed, and then send your quotation to the customer!
Download free template of a quotation >>
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in General by dwight, 09-01-09 18:57
