This is why there should be some level of certainty before a quotation is issued out. For a start, quotations usually reflect a fixed price of services that is not usually subject to change upon acceptance by the customers. On the contrary, there is a wedge of difference between them. This, however, does not make both of them the same thing. In situations like these, the business would have to create a rough guide in the form of a quotation or estimate to guide the pricing and cost of the services or goods. Quotations and estimates of services are issued when it looks impossible to narrow down the exact cost of the services or goods. The reason is that both are almost used for the same thing. One thing that is similar to estimates is a quotation. This would ensure that their estimates are within the foreseeable cost range even if there is a later change. Many business owners who need to prepare estimates or estimate templates often consider the circumstances in which the services would be carried out. Since it is merely an educated guess, it is not binding as it can be adjusted depending on changes in circumstance.Īs a business owner, you would have heard of estimates for services/products you provide. Instead, they are seen as a close guess to what the services or goods would cost. Usually, estimates are not the exact costs.
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