00:00What is quotation? Have you heard the word quotation in business but not sure what it
00:06really means? A quotation is a document a seller gives to a buyer, telling them the estimated price
00:12of goods or services before the deal is made. It's basically an offer. Example of quotation,
00:20let's say you ask a painter, how much to paint my house? He gives you a quotation, painting cost
00:27equals $15,000. Material cost equals $5,000. Total equals $20,000. This is not a bill,
00:37just an offer price. So, a quotation is simply a price estimate. If you accept it,
00:43the seller can then issue a pro forma invoice or a final invoice later.
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