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quotation

Definition 1

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.

Definition 2

Trading: Bid and asked price cited for the sale or purchase of a commodity or security.

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