What is a quotation?
A quotation (or quote) is a formal document that sets out the fixed price a seller will charge for specific goods or services, usually valid for a set period. It helps a buyer decide before committing, and it forms the basis of the eventual invoice.
Quotation vs estimate vs invoice
An estimate is an approximate, non-binding figure; a quotation is a fixed price valid for a period; an invoice is the request for payment after the work or sale.