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A quotation (also called a price quote or sales quote) is a formal document that a seller sends to a prospective buyer outlining the prices, terms, and conditions for goods or services. It acts as a binding offer — once the buyer accepts, both parties are expected to honour the stated terms.
For ecommerce sellers and wholesalers, quotations are essential when dealing with B2B customers, bulk orders, or custom pricing that differs from your standard storefront prices. Unlike a proforma invoice (which is a preliminary estimate), a quotation is a firm price commitment valid for a specified period.
Quotations are used across virtually every industry. Common scenarios for ecommerce and retail businesses:
A professional quotation should contain these key elements:
| Field | Why It Matters |
|---|---|
| Seller details | Company name, address, contact — establishes credibility and provides a point of contact |
| Buyer details | Who the quote is addressed to — personalises the offer and prevents disputes |
| Quote number and date | Unique reference for tracking — both parties can refer to it when following up |
| Validity period | How long the quoted prices are guaranteed — protects you from cost fluctuations |
| Item descriptions | Clear, specific product/service descriptions — prevents misunderstandings |
| Quantities and unit prices | Breakdown per item — lets the buyer see exactly what they're paying for |
| Tax / GST | Whether prices are inclusive or exclusive of tax — varies by country and buyer type |
| Discounts | Volume discounts or promotional pricing — incentivises larger orders |
| Payment terms | When and how payment is expected — Net 30, deposit, COD, etc. |
| Delivery terms | Shipping costs, delivery timeframe, and who bears the risk |
| Terms and conditions | Return policy, warranty, cancellation terms — protects both parties |
| Document | Purpose | Binding? | When Issued |
|---|---|---|---|
| Quotation | Firm price offer to a buyer | Yes, for the validity period | Before an order is placed |
| Proforma Invoice | Preliminary estimate, often for customs or import permits | No — it's an estimate | Before shipment, after initial agreement |
| Commercial Invoice | Final bill for goods shipped internationally | Yes — legal customs document | When goods are shipped |
| Tax Invoice | Bill with GST/VAT details for domestic sales | Yes — legal tax document | When goods/services are delivered |
Typical workflow: You send a quotation → buyer accepts → you issue a proforma invoice (for cross-border) or a tax invoice (domestic) → goods ship with a commercial invoice and packing slip.
A quotation is generally considered a binding offer during its stated validity period. Once the buyer accepts (usually in writing or by issuing a purchase order), it forms the basis of a contract. However, most jurisdictions allow the seller to withdraw a quotation before acceptance. To protect yourself, always include a validity date and clear terms and conditions.
The standard validity period is 14-30 days, depending on your industry. For products with volatile pricing (e.g. electronics, commodities), shorter validity periods (7-14 days) protect you from cost fluctuations. For stable products, 30 days gives buyers enough time to get internal approval.
It depends on your buyer. For domestic B2B sales, it's common to quote prices exclusive of GST/VAT and show the tax as a separate line item. For consumer-facing quotes, prices should be inclusive of tax. For cross-border sales, prices are typically tax-exclusive since import duties are paid by the buyer. Always state clearly whether your prices include or exclude tax.
A quotation is a fixed-price offer — the seller commits to those prices for the validity period. An estimate is an approximation that may change based on actual work or materials required. Use quotations for standard products with known costs. Use estimates for custom work, services, or projects where the scope may change.
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