quoted price

The cost of coverage for a product or service that an authorized seller or provider offers in good faith. This is a verbal or written agreement to sell the product at the stated amount. It is not the same as retail price. A mechanic can tell a customer the approximate price to complete a repair. If the cost is going to exceed the quoted price, he must explain why the quoted price cannot be met and gain the permission to adjust the price for the unseen factor. Also called estimated cost.