Quotations are mostly associated with iconic literary works and statements by writers that most people see in movies or read in books and articles. However, using business parlance, quotations mean more to business and professional individuals.
Business owners and professionals ensure that they come up with an outstanding and comprehensive quotation format and structure in order to win the hearts and big “yes” of their clients. It is a proposal in itself. It can be applied in the sale of goods and services, construction projects, and many more. In building you own formal quotes, quotation templates serve as a guide and reliable reference to guarantee that your quote works.
Formal Price Quotation
Change Order Quotation
General Components of a Formal Quotation
Here are some of the basic features of a formal quotation:
- Quotation Number – For tracking purposes, quotes are assigned with specific identifiers and control numbers.
- Client Information – Formal quotations are applied in a variety of fields such as for business and professional services. The significant details of the client must be emphasized for consultation and inquiry purposes.
- Validity Period – In price quotations, customers are provided with a time frame for them to make use of the quote. Beyond the period provided, the quote losses its validity.
- Description of the Quoted Products or Services – Quote formats in DOC provide clients with key information about the condition and quality of the goods. This may also refer to the quantity of the goods, scope of work in cases of service quotations, price per unit for price quotations and a summary of the total amount due.
- Payment Terms and Conditions – Payment terms would depend on the preference of the issuing company. However, there quotation templates that provide the clients with payment options. Examples of such are “full payment on delivery”, “cash on delivery” and the like.
Formal Job Quotation Form
Formal Quotation Example
Common Mistakes in Writing Formal Quotations
In the course of creating formal quotations for a business transaction or an event, mistakes and shortcomings are inevitable. However, knowing them beforehand can help you find reasonable ways to prevent them from happening. Below are some common mistakes in writing formal quotations:
- Using a generalized quotation. As you may observed, quotation format showcase a variety of quotation templates that are tailored fit for a particular exchange of goods or services. For the issuing company, the quotation must be specific and targeted for a particular industry. This is done in order to avoid confusion and misinterpretations on the customers or clients’ end.
- Usage of Unreasonable terms and conditions. What is reasonable may be subjective and will depend on the circumstances of the case such as the financial capacity of the client, the nature of the transaction, and the prevailing laws on obligations and contracts that a country has. As much as possible consider the mentioned factors so that you can be fair and just in writing your formal quotation.
- Ignoring the circumstances of your client. As mentioned before, quotes are likened to a proposal. With that, the issuing company must maintain a sound and transparent relationship with its clients. There should be dialogues and consultations.