. Contracts A formal statement of promise submitted usually in response to a request for quotation by potential supplier to supply the goods or services required by a buyer, at specified prices, and within a specified period. A quotation may also contain terms of sale and payment, and warranties.. Meaning of Quotation A Quotation is a business offer made by a seller to an interested buyer to sell certain goods at specific prices and on certain terms and conditions..A quotation, or quote, is a document that a supplier submits to a potential client with a proposed price for the supplier s goods or services..
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