Everything you wanted to know about Quick quote or Quotation

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First things first, before getting to know anything about Quick Quote, let’s understand QQ is all about and then get into the brass tacks of it.

Quick Quote, also known as quotes, sales quotes, or sales quotations is an estimate or ballpark figure given to the buyer by the seller or supplier to let them know the worth of a product/service they wanted to procure. Often, there is a misinterpretation associated with Quick Quotes and some deem it as legally binding. Well, unless they are part of an official contract, it isn’t lawfully valid. Nevertheless, upon acceptance of the quotation it means that the buyer has committed to a sale and specific price quoted. Simply put, Quick quote is nothing but seeking quotations from potential suppliers or sellers to obtain competitive quotes for a specific buy requirement at a stated price, under specified conditions. This quotation facility allows the contracting authorities to get quotes electronically and the best part about the obtaining Quick Quote is that it is simple, efficient, and transparent.

Process and Particulars of Quick Quote

Automate your procurement process with quick quotes and get rid of the pre-approval/ pre-qualification requirement. Precisely said, the buyer will post his/her requirement and invites the participants (sellers or suppliers) and the bidders will place the proposal or bid right away, which in turn allows the buyer to analyze the quotes and offerings and then decide whom to transact with.

Coming to the particulars of QQ, unlike invoices, which may have certain legal regulations, quick quote requires limited information that helps potential customers to have a clear picture of what they are committing themselves to. Listed below are the details that a buyer will have to provide to the seller to obtain a competitive quote.

Quick Quote details (Buyer)

1) Description and technical specification of your product if any.
2) The Required Quantity of product
3) Metrics (e.g. 100 NO’s or 50 tons)
4) Reserve price (It is the price that the buyer is willing to accept for an item)

Quick Quote details (Seller)

1) The basic price of the product. (The initial price of products or services without the additional charges.)
2) Freight charges. (The cost associated with the delivery of goods.) and other charges if any. (Service charge)
3) GST/VAT/TAX amount for the product or service.

4) Payment terms. (Typically, this is about the period allowed to a buyer to pay the amount due, e.g. 50% in advance.)
5) Delivery Lead Time in Days. (The time from the receipt of a customer order to delivery of the product/service.)
6) Attachment of a document that will help the buyer better understand what you are ready to offer.

Advantages of Quick Quote

1) Quick procurement process
2) Immediate access to sellers
3) Eliminates disorganization

Concluding remarks

Now that you are aware of the countless benefits of QQ. Automate your procurement process with quick quotes and get rid of the pre-approval/ pre-qualification requirement with Bidzpro. Our unique online bidding portal makes e-procurement simple and helps both buyers and sellers reach a new height of growth and success, all eventually leading to hassle-free buying and selling.