The term Quotation
Quote- Quotation is a formal statement of promise by a potential supplier to supply goods or services of particular nature to a buyer at a specified price within a specified period, in short it is a submission from supplier to buyer in response to a request of a price catalogue of product or services.
Purpose of quotation
The sole purpose of quotation to let a potential buyer or customer know the cost of goods or services in a formal written manner, they decide to purchase. When a seller or supplier sends a quotation, it commits them to a certain price.
Importance of a quotation
Quoting effectively is important because, the right quotation presented properly can add interest, thought and growth in sales to a potential supplier or seller of the goods or services.
Quoted prices refer to stock, bond or other securities. A stock quote is an estimate of price or at price of which one party is willing to buy or
sale a certain number of shares of stock from the other. A quote price consists of a bid price and an ask price.