Quotation is a formal statement of promise (submitted usually in response to a request for quotation) by potential supplier to supply the goods or services required by a buyer, at specified prices, and within a specified period. A quotation may also contain terms of sale and payment, and warranties. Acceptance of quotation by the buyer constitutes an agreement binding on both parties.
Quotation is issued or filled out by seller (sale or accounting & finance department), and send to buyer.
Quotation is received by buyer of goods or service (purchasing or accounting & finance department).