Definition
A Quotation is the fundamental financial proposal in construction procurement. It is a formal, written statement submitted by a supplier or subcontractor in response to a Request for Proposal (RFP) or an Enquiry. It bindingly details the unit rates, taxes, delivery timelines, and total cost they will charge to supply a specific material or execute a specific task.
Practical Example
The purchasing manager needs to buy 5,000 tons of TMT steel. They send an enquiry to three different steel mills. Mill A sends a Quotation for ₹55,000 per ton (including transport). Mill B sends a Quote for ₹54,000 per ton (but transport is extra). The manager analyzes these Quotations to determine the lowest landed cost before issuing the final Purchase Order.
Application in Superwise
Superwise digitizes the comparative analysis of Quotations. Procurement teams upload the multiple vendor quotes into the "Vendor Comparison" module. The software automatically normalizes the data (stripping out taxes and adding transport) to generate a side-by-side, apples-to-apples comparison matrix, highlighting the true Lowest Bidder (L1).
Related Feature
Learn how Superwise handles this in our dedicated feature:
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