Quotation Template
A priced offer to supply, stating validity, lead time and the Incoterms the price is quoted on.
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| Item # | Description | HS Code | Qty | Unit | Unit Price (USD) | Amount (USD) | |
|---|---|---|---|---|---|---|---|
This quotation is valid until and is subject to our standard terms of sale. Prices are quoted . Delivery from receipt of confirmed order.
About this document
A quotation is a price offered on conditions, and the conditions are what make it usable. A buyer arranging finance needs to know how long the price holds, how long after ordering the goods will be ready, and which costs are included. Those three answers turn a number into something they can act on.
Validity and lead time are two different clocks
Validity is how long your price stands. Lead time is how long after a confirmed order the goods will be ready. They are routinely confused, and the confusion is expensive: a buyer opening a letter of credit needs the credit's latest shipment date to accommodate your lead time, and needs the credit opened inside your validity window. State both, in days, rather than leaving either to be inferred.
A price without an Incoterm is not a price
The same goods quoted EXW and quoted CIF differ by freight, insurance, export clearance and inland haulage. Quote the Incoterm and the named place together, in the 2020 form, so the buyer can compare you against another supplier on the same basis. Where you quote more than one basis, list them separately. Do not describe the difference in prose.
What turns a quotation into an order
A quotation is an invitation, not a contract. It becomes an order when the buyer accepts it, usually by issuing a purchase order that quotes your quotation number. Keeping that number visible on the quotation, and expecting it back on the PO, is what lets both sides confirm they are agreeing to the same version. That matters when you have requoted twice on changing quantities.
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Keep building your document set
- Commercial InvoiceGoods, values and payment details.
- Packing List — DetailedPackages, weights and dimensions.
- Certificate of OriginThe declared origin of your goods.
- Bill of LadingShipper, consignee and cargo details.
- Shipper's Letter of InstructionInstructions for your freight forwarder.
- Verified Gross Mass DeclarationThe verified weight of a packed container.
Questions
+How long should a quotation be valid for?
Long enough for the buyer to arrange payment, short enough that you are not exposed to currency and raw material movement. Thirty days is common for stock items. Shorter is normal where you are quoting against a volatile input cost. Whatever you choose, print the expiry date rather than a duration, so there is no argument about when the clock started.
+Is a quotation legally binding?
Generally not until it is accepted, and not after it expires. It is an offer, and it can normally be withdrawn before acceptance. That said, a quotation marked as firm for a stated period is harder to withdraw within that period, so use that wording deliberately.
+What is the difference between a quotation and a proforma invoice?
A quotation offers a price. A proforma invoice is laid out like a real invoice and is what a buyer takes to their bank to open a letter of credit or to their authorities for an import licence. Where money or permits depend on the document, issue a proforma. For a straightforward price enquiry, a quotation is enough.
+Should I include payment terms in a quotation?
Yes. Thirty percent deposit against seventy on copy of bill of lading is a different offer from ninety days net, and a buyer comparing two suppliers on price alone is not comparing the same thing. Payment terms also affect your own financing cost, so quoting them makes the price defensible.
+Can I quote in a currency other than my own?
Yes, and buyers often prefer it. Be explicit about which currency, and remember that the exchange risk moves to whoever is not quoting in their home currency. That is a reason to keep validity short when quoting abroad.