PDF
Word
Price Quote Template
What Is a Price Quote?
A Price Quote is a typed or handwritten document that represents the services offered by the business, merchant, or contractor to a potential client. It can also include a scope of the work the price writer is prepared to offer to their customers. Always ask for a Quote Price when you want to know how much you will have to spend on goods or services from a particular supplier or service provider.
Alternate Name:
- Price Quotation.
Using a Business Quote, a contractor or supplier can let their client know the costs of the project or service. A client can request this document from the business they want to enter into a deal or this entity sends the quote without prompting. Then, the client will compare the prices for the items using different quotes they received and decide which proposal is the most suitable for them.
You can download a Price Quote template below.
How to Write a Price Quote?
It is up to you to determine what information the Price Quote will cover and how to present all the details to attract the client and strike a deal with them. Do not clutter the quote with unnecessary details and technicalities you can negotiate with the client when your offer is accepted. Still, you need to capture the interest of the customer with a written document because you might not get a chance to meet with them face to face. Generally, to quote a price for any job or service, you should follow these steps:
- Enter your company's name.
- State the recipient's name and contact information.
- Record the date you have drafted the quote.
- Add the quote number and do not forget to write it in your tracking system for quotes.
- Describe the goods and services you are prepared to provide and enter their quantity.
- Write down the price of the aforementioned items and the method of payment. You may add discounts if you like and clarify the terms of packaging and delivery.
- Sign the Price Quote. It is possible to indicate the duration of the quote and its expiration date especially if your proposal is time-sensitive.
Once your potential customer receives the quote, you need to give them some time - usually, a week or two weeks - to go through this document, think it over, and then accept it. After that period, you can follow up with the customer and ask them whether they would accept the quote - do not contact them too soon, otherwise, you might seem desperate and eager. If the quote is not accepted in its current form, you can ask the client what you need to improve and maybe seal the deal if the quote is properly modified.
When the quote is accepted, the client signs it and returns it to you as confirmation of their intention to move forward. A signed Price Quote constitutes a legally binding agreement for both parties - now you will have to deliver goods or services at the established price.
How to Ask for a Price Quote?
Here is how you should request a Price Quote from a business or supplier you want to work with:
- Look into the company you are contacting prior to reaching out to them - whether you are using the Internet to find feedback from their former and current clients or you know other organizations that worked with them in the past, it is advised to know how they usually handle similar transactions.
- Draft a formal message and share it via e-mail - this way, it will be easier to ask all the questions you have and attach the files that may give the other party an indication of your ambitions.
- State your objectives and aspirations . Briefly tell the recipient of the message about your company so that they are familiar with your organization and its agenda.
- Indicate the approximate sum of money you are prepared to spend - while there is no need to break down your budget and you will always have a chance to negotiate the financial terms of the deal later, it is recommended to give the other party a rough estimation of your financial resources allocated for the project in question.
- List the provisions you may want to include in the contract you will sign with the recipient in the nearest future - it is probable you already know the method of payment you will be comfortable using, the shipping time, and the description of products you want to purchase. Additionally, you may have a timeline in mind - your letter should reflect that as well especially if you have your eyes on a long-term project.
How to Respond to a Price Quote?
Once you received a Price Quote, it is time to review the document you have at your disposal and compose a reply - use the tips below for your advantage:
- Scan the information you have for two or three days to be sure the other party is capable of delivering the product or service you need and prepare a comprehensive answer that will kick start formal negotiations with them . If you accept the quote as it is, the response can be brief - just sign the Price Quote and attach a short note asking the business to contact you and be ready to enter into an agreement.
- In case the vendor or supplier omitted essential details from the statement you got, send one more letter to find out whether it was an honest mistake or they are not inclined to disclose certain information before you sign a contract with them . It is also likely certain provisions are not in line with your expectations - ask the other party if they can be modified so that you are on the same page.
- Remember a Price Quote is not legally enforceable - the terms it contains are subject to negotiation. The common business practice is to give the potential client the most accurate estimation, and if you have confirmed the limitations of your budget, the business you plan to work with should be able to write a quote you can approve in the nearest future. This means that only your consent to be bound by the conditions listed in the quote demonstrates you will assume formal responsibilities.
Still looking for a particular template? Take a look at the related templates below:
