Quotation
A quotation is a binding offer to conclude a contract; if the recipient accepts it within the stated or a reasonable period, the contract is concluded without any further declaration.
Definition
The binding nature is the point underestimated in practice. Whoever sends a quotation without a deadline stays bound for a reasonable time. Whoever wants to keep changes open has to write that in — «subject to change» is not a turn of phrase but the difference between an offer and information.
Commercially the quotation is at the same time the precursor of the order: items, quantities and prices that will reappear in the order confirmation, delivery note and invoice. Where it arises in the same software, the second data entry and its discrepancies disappear.
Where to read it
What the software must be able to do
Check whether the quotation becomes an order and then an invoice at the press of a button, whether a validity date and a non-binding note can be set, and whether changes stay traceable as a new version.
Checked Aug 2026
More terms under Invoicing, payment and banking: Advance payment Allowance for doubtful debts Bad debt camt.053 Cancellation invoice Cash discount Certificate of shortfall Credit note Creditor Current account Debt enforcement Debtor Default interest Delivery note Dunning eBill Final invoice IBAN Invoice number ISO 20022 / camt Open items pain.001 Part payment Payment term Pro forma invoice QR reference QR-bill QR-IBAN Receipt Tips TWINT as a payment method Visitor taxes