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Quotation is offer furnished by vendor when requirements / specifications / scope is clearly defined/known in Request for Quotation (RFQ).
Bid is offer provided by a company when Request for Proposal (RFP) does not contain clear scope or the requirements are not clearly defined.
The main differentiation is Quotation is just an estimate , where as a bid will have the service details, duration and the financials too, this quotation forms a part of a bid..
Typically when the clients asks say one vendor for some specific work, which is imited in scope or you have done it earlier it can be a quotation
When you want multiple options and choose the best in terms of solution and price a bid is requested by the client
Good Morning.
Quotation is part of bid/proposal & it covers part of the services/prices you want to offer to your customer.
Bid is a complete services with prices need to be offered to the customers.
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