Obtaining quality products for materials and supplies used by a business entity is done after a bidding process. Quotation Templates determine to whose supplier terms a buying company is going to consider in purchasing for the specified product or service.
Creating Business Quotation, particularly a request of quotation (alternatively, purchase quotation), takes a lot of consideration due to the fact that this document can become the basis for a binding contract between companies. The templates provided on this website can be downloaded for you to use in rendering request for quotations.
Purchase Order Quotation in PDF
Vehicle Purchase Format
Quotation for Computer Service
Purchase Quotation Format
Purchase Quotation vs. Sales Quotation
Purchase and sales quotation forms are different in terms of the following:
- Receiver of Quotation – A purchase quotation invites suppliers to bid for specified products or services needed by the entity. On the contrary, a sales quotation caters to prospective customers letting them know how much the products or services requested will cost them.
- Information provided by the quotation – Quotation templates for both purchases and sales cover different information. For a purchase quotation, details like payment terms, contract time frame, and quality product specifications are included in the bidding process. On the other hand, a sales quotation gives a customer information on the estimation of the cost on materials and labor needed in achieving the customer’s specifications.
Purposes of Purchase Quotations
Businesses undergo the process of rendering purchase quotations for the following purposes:
- Bidding Process – Giving out quotations to suppliers allows them to bid for the specified products or services indicated on the quotation.
- Selection Process – With the aid of the purchase quotation in the bidding process, suppliers who returned the quotation by the set date and time are the ones considered in choosing for the suitable supplier.
- Legal Document – A purchase quotation has information that makes the document a legal and binding one.
See Price Quote Templates for downloadable sales price quotation examples.
Request for Quotation of Purchase Order
Quotation for Purchase of Computer
Making a Purchase Quotation
A purchase quotation otherwise known as a request for quotation (RFQ) is created with the inclusion of the following:
- Requesting Company – Details of the buying company who requests for quotation is written at the top along with the date and classification.
- Receiving Company – The selling company receiving the request for quotation is written after the requesting company details.
- Shipping and Delivery Point – This pertains to where the parcel is shipped from and delivered to. The courier should also be specified.
- Shipping and Payment Terms – Shipping terms include to whom the freight cost will be charged. Payment terms comprises of the payment period, discount and net cash to be paid.
- Item Details and Descriptions – Items to be quoted are listed with the provision of the following details:
- Item number
- Quantity and unit used
- Item specifications
- List price
- Discount offered
- Net unit price
- Estimated gross price
- Return Date – The buyer indicates when the seller returned the quotation for consideration.
- Signatures of Seller and Buyer – Affixing signatures makes the document and its information certified true.
Purchase quotations serve a vital role in purchasing for company operations. For less difficulty, try the downloadable quotation templates in Excel format. There are also Website quotation templates you can browse through for online quotations.