When Importers source new products and connect with Exporters, the exporter will offer their product details and pricing information. The Exporter must ensure that all information is clearly stated in a correctly formatted Quotation document. This will ensure that there are no disputes relating to product quality, specifications, pricing and delivery terms.
An example of a Quotation document created using IncoDocs:
After all of the details have been confirmed in the quotation document, the buyer can decide to place the new order. The buyer will then usually issue a Purchase Order document to confirm to proceed with the manufacturing and shipment. The seller will then issue a Proforma Invoice document that will reconfirm the goods on order and include their bank details to request payments.
What information is included on an Export Quotation Document?
- Seller’s company name, address and contact details
- Buyer’s company name, address and contact details
- Product Description – including item codes, description, specifications
- Product Quantity
- Product Pricing
- The selling terms agreed (IncoTerm) – Refer IncoDocs’ IncoTerms Graph
- Invoice Currency
- Shipment Type
- Payment Terms – as negotiated between buyer and seller
- Estimated supply lead time
- Estimated shipping details (vessel name & ETD, if known)