What is the Quotation in Business?

A request for quotation is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services

A Quotation typically involves more than the price per item. Information like payment terms, quality level per item, or contract length may be requested during the bidding process. To receive correct quotes, it includes the specifications of the items/services to make sure all the suppliers are bidding on the same item/service. Logically, the more detailed the specifications, the more accurate the quote will be and comparable to the other suppliers. Another reason for being detailed in sending out a quotation is that the specifications could be used as legally binding documentation for the suppliers.

Below is the Preview of this Quotation Format

(Quotation Format Excel .xls file download)

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Nazim Khan (Author)

Nazim Khan is an expert in Microsoft Excel. He teaches people how to use it better. He has been doing this for more than ten years. He has a website and a YouTube channel called "Business Excel." He shares useful tips from his own experiences to help others improve their Excel skills and careers.