Document background
The Proposal For Quotation is a crucial business document used in Indian commercial transactions when a supplier wishes to formally respond to a request for quotation or proactively offer goods or services to potential customers. It serves as a detailed commercial offer that includes pricing, specifications, delivery terms, and other relevant conditions. While governed by Indian commercial law, particularly the Indian Contract Act 1872, a Proposal For Quotation is not inherently binding but can become the foundation for a binding contract upon acceptance. The document is essential in both public and private sector procurement processes and must be carefully drafted to ensure compliance with relevant regulations while protecting the commercial interests of the offering party. It typically precedes the formation of a formal contract and should therefore contain all necessary information for the recipient to make an informed decision.
