quotation definition

quotation

Contracting: 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. It may also contain terms of sale and payment, and warranties. Acceptance of quotation by the buyer constitutes an agreement binding on both parties.

quotation is in the Agreements & Contracts, Purchasing & Procurement and Securities & Futures Trading subjects.

quotation appears in the definitions of the following terms: request for quotations (RFQ), ellipsis, price analysis, request for proposals (RFP), competitive quotations, bid and asked, stock quote, written data, NASDAQ, unsolicited proposal and

quotation appears in the other terms: nominal quotation, firm quotation

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