quotation

  

Definitions (2)

1. 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. Acceptance of quotation by the buyer constitutes an agreement binding on both parties.
2. Securities: The bid and asked price cited for the sale or purchase of a commodity or security.

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