{"id":27915,"date":"2024-02-21T11:35:22","date_gmt":"2024-02-21T11:35:22","guid":{"rendered":"https:\/\/swoopfunding.com\/us\/business-glossary\/quote\/"},"modified":"2025-04-24T14:06:14","modified_gmt":"2025-04-24T14:06:14","slug":"quote","status":"publish","type":"business-glossary","link":"https:\/\/swoopfunding.com\/us\/business-glossary\/quote\/","title":{"rendered":"Quote"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>Definition<\/strong><\/h3>\n\n\n\n<p>A quote serves as an official offer outlining the terms and conditions under which the seller is willing to supply the requested products or services.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is quote?<\/strong><\/h3>\n\n\n\n<p>A quote outlines the proposed price, terms, specifications, and other relevant details for the products or services being offered. Quotes are typically issued in response to a customer&#8217;s request for pricing information and serve as a key step in the sales process.<\/p>\n\n\n\n<p>Contents of a quote:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Price<\/strong>: The quote includes the total cost of the products or services being offered, broken down into individual line items if necessary.&nbsp;<\/li>\n\n\n\n<li><strong>Terms and conditions<\/strong>: The quote outlines the terms of the proposed transaction, including payment terms, delivery or service timelines, <a href=\"https:\/\/swoopfunding.com\/us\/business-glossary\/warrant\/\">warranties<\/a>, guarantees, and any applicable taxes or fees.<\/li>\n\n\n\n<li><strong>Specifications<\/strong>: For product quotes, detailed specifications or descriptions of the goods being offered are provided. For service quotes, it may include a description of the services to be performed, deliverables, and project milestones.<\/li>\n\n\n\n<li><strong>Validity period<\/strong>: Quotes often have an expiration date or validity period, indicating the timeframe within which the customer can accept the offer at the specified price and terms.<\/li>\n\n\n\n<li><strong>Contact information<\/strong>: The quote includes the seller&#8217;s contact information, including name, address, phone number, email, and any relevant business details.<\/li>\n<\/ul>\n\n\n\n<p>The primary purpose of a business quote is to provide potential customers with detailed information about the products or services offered by a business and the associated costs. They are typically issued in response to customer inquiries, requests for proposals, or formal bidding processes.&nbsp;<\/p>\n\n\n\n<p>While a quote is a non-binding offer, it forms the basis of a potential contract between the seller and the customer. As such, it&#8217;s important for businesses to ensure the accuracy and clarity of the information provided in the quote to avoid misunderstandings or disputes later on.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Example of quote<\/strong><\/h3>\n\n\n\n<p>Here&#8217;s a short example of a quote in a business context:<\/p>\n\n\n\n<p><strong>Quote Number<\/strong>: Q2024-001<\/p>\n\n\n\n<p><strong>Date<\/strong>: February 21, 2024<\/p>\n\n\n\n<p><strong>Scope of work<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Demolition and removal of existing structure<\/li>\n\n\n\n<li>Construction of a new residential building<\/li>\n\n\n\n<li>Installation of plumbing, electrical, and HVAC systems<\/li>\n\n\n\n<li>Interior finishing including flooring, painting, and fixtures<\/li>\n<\/ul>\n\n\n\n<p>Total cost: $250,000<\/p>\n\n\n\n<p><strong>Terms<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>50% deposit required upon acceptance of the quote<\/li>\n\n\n\n<li>Remaining balance due upon completion of the project<\/li>\n\n\n\n<li>Validity: This quote is valid until March 15, 2024<\/li>\n<\/ul>\n\n\n\n<p><strong>Contact information<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>John Doe, Project Manager<\/li>\n\n\n\n<li>Phone: 123-456-7890<\/li>\n<\/ul>\n","protected":false},"author":1,"template":"","class_list":["post-27915","business-glossary","type-business-glossary","status-publish","hentry"],"acf":[],"featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"<p>Definition A quote serves as an official offer outlining the terms and conditions under which the seller is willing to supply the requested products or services. What is quote? A quote outlines the proposed price, terms, specifications, and other relevant details for the products or services being offered. Quotes are typically issued in response to a customer&#8217;s request for pricing information and serve as a key step in the sales process. Contents of a quote: Price: The quote includes the total cost of the products or services being offered, broken down into individual line items if necessary.&nbsp; Terms and conditions:&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"root","url":"https:\/\/swoopfunding.com\/us\/author\/root\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/business-glossary\/27915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/business-glossary"}],"about":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/types\/business-glossary"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/users\/1"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/us\/wp-json\/wp\/v2\/media?parent=27915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}