Free Quotation Formats & Templates

1. A Quotation is a formal, fixed-price offer to provide specific goods or services. It becomes binding once the client accepts it.
2. An Estimate is a non-binding, approximate guess of what a job might cost.
3. An Invoice is a bill sent after the work is done to request payment.

A quotation itself is an offer, not a contract. It only becomes legally binding after the client has clearly accepted your quote and its terms, and you have acknowledged that acceptance.

A “quotation letter” (or “quotation format letter”) is a formal document where the price quote is presented within a professional letter. It’s used to add a personal touch, introduce your business, and explain the value of your offer, rather than just sending a price list.

1. Use your company letterhead.
2. Add the client’s details and a date.
3. Write a polite opening (e.g., “Thank you for your inquiry…”).
4. Clearly present the quotation details (items, prices) in the body of the letter or as an attached table.
5. State your key terms (like validity and payment).
6. End with a professional closing and your signature.

Be clear and specific. Instead of “payment due on receipt,” use precise terms.
1. Payment Terms Example: “50% advance payment required to commence work; 50% balance due upon project completion, payable within 15 days.”
2. Validity Example: “All prices on this quotation are valid for 30 days from the date of issue.”

Besides payment terms, you should always include:
a. Validity Period: How long the price is good for.
b. Scope of Work: A clear list of what is included and, just as importantly, what is not included.
c. Timeline: An estimated delivery or completion date.
d. Revision Policy: (For services) How many rounds of changes are included in the price.

The process is:
1. You (the seller) send a Quotation (an offer) to the buyer.
2. The buyer, if they accept, sends you a Purchase Order (a formal confirmation) to buy the goods at the agreed price.

A “quotation book” is a physical, carbon-copy pad used for writing quotations by hand. While traditional, it’s slow, prone to errors, and hard to track. A digital tool like the Vyapar app is the modern, more professional alternative.

“Quotation bill” is a common term used by business owners and customers that simply means “quotation” or “quote.” It is the same document, a formal offer before a sale.

These are simply other names for a quotation template. They are pre-designed layouts or examples (samples) that you can use as a “model” to create your own professional-looking quote without starting from scratch.

This page provides several free quotation templates and samples. You can download them in Word, Excel, or PDF formats to create your own quotes easily.

A “bank quotation” is a formal price quote, usually for a high-value asset like a vehicle or machinery, that you give to a bank. The bank requires it as part of your application to get a business loan to purchase that asset.

A quotation may or may not represent the final price of the service/product offered by the seller. A quote provides a rough estimate of the project’s overall cost and the breakdown of each element that can influence the final price. The final price is often represented within an invoice when the payment is due.

Mandatory details in the quotation include company information, customer details, a detailed list of products or services, pricing, discounts, and terms and conditions.

Yes, with its web application, you can use the Vyapar app’s quotation generator for free.

Yes. The Vyapar app, including the GST quotation maker, is available for iOS devices (iPhone/iPad), as well as for Android, Windows, and macOS.