What is the Quotation?
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.