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Quotation: A fixed price offer given to a customer in response to a tender notice. It's a legal binding that can't be changed once accepted by the customer. A quotation can also be a sentence, phrase, or passage that's repeated from speech or text. Order: A statement from a person with authority that tells someone to do something. It can also be a specific request to a company to supply goods or products to a customer. Tender: A formal offer, or bid, to secure a contract. It's also known as an invitation to tender, a request for tender, or a bid. A tender can be a formal, structured process for procuring goods or services. Request for quotation (RFQ): A a formal document that details the pricing and other specifications for a certain product or service. It's a process in which a company solicits select contractors to submit bids for the chance to fulfill certain projects.
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