Purpose:
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.
Issuer :
Quotation is issued or filled out by seller (sale or accounting & finance department), and send to buyer.
Receiver :
Quotation is received by buyer of goods or service (purchasing or accounting & finance department).