Introduction of Quotation Templates
To provide services or product on predefined terms, various legal documents like Sales Quotation, Price Quote, and Service Quote get created which work as a binding force between the two parties. Once the created quotation is mutually agreed and signed, it gets converted into an invoice. Quote templates provide the easy and efficient way to create these business quotations. Quote Templates are ready to use documents which provide base and sufficient assistance to create ingenious quote which is reliable for both parties. Vendors or companies prepare a quote to give their client or customer an insight on the amount of money that will be required to accomplish some particular task. Quotations are the first step for any business deal and are supposed to be drafted very carefully and with complete details of task and pricing. Quotation templates help to prepare you to prepare a quote for your business with ease.
The sales quote is a document in which a seller or supplier mentions the list of products or services that he will provide with time frame and cost of each task. Sales quote template can be considered as a tool which inspires potential buyers to buy goods or services as par sales quote. For any business, sales quote is a procedure to plan higher level of sales. These are often part of sales improvement strategies. An exclusively created sales plan helps the prominent buyer to choose among the service providers. It also helps product or service providers to put a clear picture in front of their customer.
A quote template, such as Sales Quote template, Price quote template or service quote template can be seen as a legal binding agreement between service provider and service receiver. A quote accepted by both parties is a legal deal. Free quote templates are available online to help a business in creating a Business Quote. These ready to use quote templates provide sufficient guidance and assistance to create an efficient quote for your business setup.
A quotation is basically the long form of the quote, which refers to stock quote. A stock quote is generally considered as a price at which one party is willing to buy or sell a certain number of shares of stock from the other or an estimate of price. A quotation also consists of a bid price and an asking price to be concise. A request for quotation (RFQ) is considered as a standard business process whose purpose is to invite their suppliers into a bidding process to bid for a specific kind of services or products. Request for quotation generally means the same thing as IFB (Invitation for Bid). An RFQ typically involves more than the price per item.Apart from these, a sales quote generally allows a respective prospective buyer to see what overall costs would be involved for the work they would like to have done for them. A quote can also help the buyer while deciding which business or company to use, and which products or services they are looking for.
Above explained the basic concept or just the introduction of quotation or quotation templates which is an essential key factor for any kind of business or company to proceed in very efficient and effective manner in the market.
Various Types of Quotations Formats
There are various different types of quotation formats which can be designed as per individual or organization’s requirement. Some of them are of main kinds and listed below:
- Loco Price Quotation Template
Loco generally means ‘On the spot’. Therefore, the loco price refers to the overall cost of goods at the factory or godown of the seller. Once the goods are out of the sellers’ factory or warehouse, all the different expenses for carrying the goods from the seller’s warehouse to the buyer’s place are to be borne by the buyer. This is considered as the lowest price quotation.
In other words, this is basically the price of the goods are available at the godown of the seller. In the course of shipment, whatever will be the expenses, all will have to be borne by the importer only.
2.Station Price Quotation
Under this station price quotation, seller’s responsibility is to send the products or goods to the nearest railway station from his warehouse or factory. It includes the overall cost of carriage of goods to the station. Since he delivers the goods up to the station, he charges a bit higher price. All further expenses on goods such as freight, insurance, etc. will have to be borne by the buyer.
When the seller takes up himself the overall responsibility of sending goods to the railway station of his city, it is known as At Station Price. But, the loading expenses and railway freight, etc., are only to be paid by the buyer.
3.Free On Rail (FOR) Price Quotation
Free on Rail (FOR) price quotation covers all the expenses of carrying the goods to the railway station nearest to seller plus the loading expenses, freight and unloading expenses are only to be borne by the buyer.
When the overall responsibility of sending the goods to the railway station and of loading is taken by the seller, it is known as F.O.R. price. Freight is yet to be paid by the buyer.
FOR price quotation = Station price quotation + All loading Charges
- Cost and Freight (C & F) Price Quotation
Cost and Freight (C & F) price quotation includes the overall cost of the goods and all the various expenses like carriage to the seller’s nearest station, dock and loading charges and freight. Expenditures like insurance, unloading, and cartage to the buyer’s place is to be borne by the buyer.
This price also includes apart from the above expenses, the freight of the ship. The insurance premium is usually not included in this price.
C & F price quotation = FOR price quotation + Overall Railway Freight.
- Cost Insurance and Freight (CIF) Price Quotation
There is a little risk involved in transporting goods and this risk is covered by insurance. Generally, the buyer pays insurance charges but if CIF quotation is mentioned then the seller pays for the insurance charges along with other previously mentioned various prices. So, the price includes overall cost of the goods plus carriage up to seller’s nearest station, loading, freight, and insurance charges.
This price includes all the expenses up to the shipment of the goods from the port of seller/ shipper; the importer has to receive all the delivery of their goods in this country.
CIF price quotation = C & F price quotation + Selected Insurance
- Franco Price Quotation
Franco price quotation is considered as highest price quotation. In spite of being the highest quotation, buyers generally prefer this quotation because, under this price, the goods are well delivered to the buyers at their door-step. The buyer is fully relieved from the tension of transporting goods from the seller’s warehouse to his own warehouse.
Franco price quotation = All expenses up to the buyer’s factory/ warehouse.
In other terms, we may describe this like, Franco means free from all expenses. Under this price, all the possible expenses in transit are only to be borne by the seller and the seller has to supply goods at the destination of the buyer. Therefore, the expenses in the country of the buyer will only have to be borne by the seller of the goods.In foreign trade, generally, such prices are not quoted, because the seller usually does not have an idea about the local expenses in the country of the importer.
- Free Alongside Ship (FAS) Price Quotation
Free Alongside Ship (FAS) price quotation includes the overall cost of the goods and all the expenses to deliver the goods at the dock nearest to the seller. The buyer has to bear all the expenses of loading, insurance, freight and the customs duty, etc., in addition to the cost of goods. Though this quotation is generally used in some countries, it is not in use in India.
This price includes expenses up to the dispatch of products and goods to the seaport. This F.A.S. price usually includes the cost of goods, packing, marking, dock charges and the commission of forwarding agent.
FAS price quotation = Loco price quotation + Overall cost of carriage of goods up to the harbor nearest to the seller.
- Free On Board (FOB) Price Quotation
Free on Board (FOB) price quotation is very similar to F.O.R. in inland trade. This is generally used in foreign trade. Under FOB quotation, the seller quotes a price which includes all the expenses incurred till the time goods are actually delivered on board the ship at the port of shipment.When the seller takes upon himself the responsibility of sending all the goods to the seaport and also of loading, it is known as F.O.B. price.
FOB price quotation = Overall cost of goods + expenses up to goods on ship’s board.
- Cash with Order (CWO) Price Quotation
In Cash with Order (CWO) price quotation, the buyer has to send cash along with the products or order, otherwise, the order may not be executed accurately.
- Cash On Delivery (COD) Price Quotation
In Cash on Delivery (COD) price quotation, the buyer needs to pay the cash after receiving the delivery of the goods ordered by him.
- Ex-Ship Price Quotation
This price includes besides the overall cost of goods the expenses of reaching the goods up to the port of the buyer’s country. In other words, marine insurance and all other expenses which are connected with shipment have only to be borne by the seller.
Purpose and Usages of Quotation Templates
A quotation is basically a sentence or a group of sentences quoted by a famous person. Normally, people do repeat the quotes, which may be published or unpublished referring to the situation.
However, a quotation can also be pointed to a statement that comprises of ‘N’ number of goods and services along with the price list. Sometimes a quotation may also contain different warranties as well. It is really very helpful in bidding. In this knowledge, a quotation template is often known estimate template and/or bid template.
Quotations are widely used for a variety of different reasons: to illuminate the meaning or to support the arguments of the task in which it is being quoted, to provide any direct information about the work being quoted (whether in order to discuss/ converse it, positively or negatively), to pay homage to the original author or work, to make the user of this quotation seems well-read, and/or to comply with the copyright laws. Quotations are commonly printed as a means of inspiration also and to invoke philosophical thoughts from the reader.
Cost quotation templates are usually modified or prepared made forms of documents used for replying to the different requests through buyer companies if they put away an Ask Quotation (RFQ). They are widely employed across different unique industries, and Request For Quotation Template normally included together with a lot of technical business information as being a backup with the detailed prices quoted with the item or maybe service inquired.
These web themes generally include the standard information required for any value quotation which should be urgently geared up and include text/data cardboard boxes or fields devised for quick entries. These contain information like company title, address, dates, quantities, original possible transport date, salesperson’s contact etc. Price saying templates are generally of many advantages as a vast number of them can always be further modified to add in any of the data, not about the original design, and they may also be downloaded free of charge from money and enterprise related internet websites.
Apart from these, another big or even bigger advantage which is linked to the price quotation templates is that they can be well utilized by spreadsheet along with software like word processing which is commonly available, excel as well as word. They may also be edited to meet specifications, although some even let company logos for being embedded, this definitely provides you with the document a more professional appearance. A several excel formats have different formulas in play, to help the calculations as soon as multiple numbers and overall costs are areas of the quote.
Additionally, these kinds of templates are readily available for use on the go, unlike those templates which are attached to the corporation’s network. If the Business Manager is still on out of the way location and has to quickly point or highlight a written about a bid to a prospective buyer, he can easily visit or surf net from his / her mobile, download the right correct template, input essential data as well as print via a Bluetooth printer. Thus, real-time availability of these templates means no chance is dropped, regardless of the various locations.
In the end, these web themes usually serve as a technique of growing efficiency through reducing the time invested in trying or efforts to develop quotations from your scratch every other time. For that reason, most of the Company Resource Organizing (ERP) application companies include the templates of price quotes and virtually all business documents inside their packages.
What To Include In A Professional Quotes
Quotes can be written in various kinds of formats and with different outputs methods. However, a thorough, well-documented quote demonstrates the professionalism, meets your business’s trading, attracts new customers, and consumer obligations and protects the business from financial and legal risks. There could be various components which can be or cannot be included in a professional quote. But this will definitely be going to impress your customer or client in a much-required way if this is well designed, thoughtful quote. A good quote may include the following different components to attract its client or customer.
Business details could be one and very important components to list in any professional quote. Specifying your ABN and contact information is a legal requirement however part from this, there could be a number of business details which can be added to your draft quote for an effective communication and impression.
You need to mention the specifics of the job and highlight/ outline what the costs cover and list out the note of what exactly is not covered if you need to. Let’s take an illustration, overall cost covers labor and parts but does not include delivery of any product or services.
Breakdown of costs
Apart from total cost, breakdown should be there in any professional quote to provide your client or customers a better experience. This will be a value-add in any of the professional quotes. You need to describe the job proposal, explaining &detailing the elements involved and itemize the costs for materials and labor.
You also need to explain how various different scenarios or different variations will affect the overall cost. For example, this quote may cover lawn mowing. Taking away clippings costs an additional 15% (point to note: variations could be great opportunities to upsell).
Revisions play a vital role in drafting or finalizing any professional quote. Basically, this gives you a chance, an opportunity to revise the draft quote if you find the job changes substantially once you have begun work. This component can’t be bypassed if you’re trying to build a good professional quote.
Schedule for work
List when you will exactly start the job and how long it will going to take. If you win the job you will be contractually obliged to complete it in this time to make sure it is very reasonable. If your schedule is based on different variables, such as good weather, make sure you indicate this as well.
Payment terms and conditions
Indicate when you require payments. This is the very important component. For example, lump-sum, half up front, periodical payments and the half on completion.
Quote expiry date
Clearly list and highlight the date you need the quote accepted by, especially if prices generally change quickly in your business or industry.
Customer acceptance signature
Include a ‘sign here’ statement to fix the agreement, such as ‘I, [name], accept the above terms and conditions. Signed ____________. Date ________.’
You need to note your preferred method of payment if you are taking a deposit at quote stage for any kind of good professional quote.
Tips for Using The Quotation Templates
Quotation templates can be used in various requirements and purposes. You should always use the relevant quotations for one or more of the following specific purposes:
- Use different quotations to reproduce admirable, distinctive or felicitous phrasing–that is when a paraphrase would be an inadequate representation.
- Use relevant quotation template when your source uses words in a specialized or unorthodox way.
- Use relevant quotation when a writer or speaker is a professional or an expert on the said subject or an otherwise popular famous person whose particular words might be of general interest, newsworthy or can add much trust/ credibility to your paper.
- Use the different relevant quotation to reproduce various important statements of guidance or information, policy or opinion.
- Use a relevant quotation to reproduce exactly a way or passage that you are discussing, explaining or interpreting.
Quotes enable customers to need to have a fair idea about what would be the cost which will be required or needed to complete a sales transaction or a task they would like to have done by the business, an individual or a company. In many different situations, clients usually like to have various different quotes from various different vendors and sellers to make them decide which exact business, company or seller is providing required services or products at an affordable price to place a required order. Quotes may be different and vary in terms of content written and details which are included or inserted in them. Sales quotes, price quotes, bid quotes, web design quotes, and repairing quotes are few most common kinds/ types of quotes that may be used for different organizations or companies. Related quotes templates are very easily accessible or reachable on internet/ web that anyone can utilize to write and modify/ prepare all above mentioned various quotes for clients in a moment of time without facing any trouble. Different software like word processing can also be used with quotation templates and these are downloadable free of cost and can be editable in same software to insert required details and various information in them. Use of quotation templates generally not only give an outline to prepare good quotations but also improve work performance, efficiency and productivity.
Apart from the type or nature of the business, you are owning, you need to prepare various different kind of quotes for your clients and customers to inform/ intimate them about the overall cost of a work in deeper details. Quotes are really important documents and it is quite necessary to create them in a professional appearance with the help of various different quotation templates. Quotation templates are very handy and useful documents which are getting prepared by professional experts to provide complete help or assistance to different business users who might face challenges or troubles when making the quotes for business or personal use. A huge variety of different quote templates which are designed elegantly are generally available with some nice features of editing and customization, and these can be downloaded from web anytime for free of cost. These are getting assembled with spaces and fields that make it quite very easy for anyone to insert various different personal details efficiently &effectively. All different quotes templates are usually created with the help of word program so anyone can use this easily, comfortably and also edit/ customize them in an end-user friendly and easy environment to complete in just a few minutes and not spending long hours.
20+ Samples, Examples of Free Quote templates
Quote templates are quickly ready to use documents which can be downloaded freely to provide sufficient help and guidance to accomplish ingenious quotes for your company or business setting. Quote, Template helps people in creating quick quotes for various different products or services. A quote may generally is explained as an important business document prepared by an individual, business, organization or company to indicate the price details and different break down of work that need to be done for a customer or client. Generally, people like to have an idea about what amount of money they are going to spend to get their work accomplished by a company or any other professional. Therefore quotes are prepared by vendors and companies to let their customer know about the overall cost or price of work that a vendor will do for him in future. Quotes are considered as the first step towards a potential sale transaction that can make or break a deal and that is the reason quotes should be drafted carefully with complete details and reasonable price. All business quotes should be designed attentively because these reveal your professionalism in such relevant field and attracts potential customers to build good business relationships with you. Some of them are described below.
Service Quote Templates: This Service quote template is a good quality Service quote and occasionally known as the document which is prepared in a response to a request for the quote when a client shows their basic interest in the purchase of various different services of an organization or a company. A service quote is overall cost estimate of different variety of services offered by a company for its customers. A well written and prepared in good professional format service quote is usually considered as a first step to secure a service contract. It is a commercial document that may contain all details about services like where, when, how and against what all cost, these services will be provided by a business. It is really very important to assess the information that the prospective customer gave you as it will help you determine a suitable price of all the services while making a service quote.
Price Quote Template: This template is simply available on the internet for free download. Price quote is basically a commercial document that can be used to itemize the products or services along with estimated price in an organized manner. A price quote may contain different terms of sale and payment along with warranties of products. A well-written price quote enables a potential client or buyer to observe what prices would be involved for the work they would like to have done by a vendor or seller. This is a very first step to start a new sale transaction. When taking into consideration required information mentioned in a price quote, not only the price should be important but it is also advised to look at quality and professionalism of the business because any well documented &designed price quote can create a good impression on customers.
Construction Quote Template: This Construction Quote Template can be easily downloadable from the internet today.This is known as a specific document prepared by a construction company for its customers and clients to demonstrate the estimated cost of a construction project. A well written and detailed quote can help a customer to take a mature decision about taking construction services according to the capital/ budget. Without having a better set of plans, it is next to impossible virtually to know if the client’s idea of what they want to be done matches your understanding of what they want to be done. You need to collate all relevant information from the prospective client in order to draw an efficient &effective construction quote first. This can be a reply or response to a request for quote by a customer who wants to get any construction services.
Bid Quote Template: A bid quote is basically categorized as a commercial document that consists of the price at which the buyer or a dealer is willing to buy something followed by the price at which the dealer is willing to sell. Normally such quotes are prepared specifically in a bidding process which is used by various companies to sell their services and products. A bid quote is known as one of the very important commercial documents and plays a vital role in business.
A well-designed bid quote generally shows the expertise, professionalism and also magnet new clients as well so it is necessary to generate bid quotes in a good professional manner. You may also want to get the help of a marketing specialist when preparing quotes for your company or business in order to make them perfect. A detailed and elegant bid quote can usually create a great impression on customers and clients. There is the very wide range of online software and bid quote templates available on the web that can also be utilized in making such bid quotes. Some of such quote templates are generally prepared in excel, so after downloading any users will be able to do any necessary changes and alterations in them.
Hourly Price Quote Template: There are different ways to charge a client for services and products by a vendor or seller and the hourly price is really one of them. As a service provider or a small business owner, one of the most important decisions you must make is whether to set your prices at a fixed rate or hourly. However, this quote is categorized as a commercial document which is prepared by a customer and a vendor to deliver services or products at pre-defined prices per hour. This is an ideal way to prove/ show your price for a service or an estimated cost or expenses of a project. Most businesses, companies, and organizations hire employees on an hourly basis just like to update their financial statements. These hourly price quotes may be produced for a variety of reasons and can be used in different fields of life. An hourly price quote template is spoken to be a perfect way to prepare and design an efficient and effective hourly price quote.