What is the primary characteristic of a quotation as opposed to an estimate?

A quotation is primarily characterized by providing a fixed price for agreed-upon work. This distinction is significant because, unlike an estimate, which offers an approximation of costs based on prevailing rates and conditions, a quotation indicates a definitive price that the client can expect to pay if the specified work is carried out as described. This fixed pricing aspect helps both parties understand the financial commitment before any work begins, ensuring there is clarity and agreement on the project's cost.

The reliability of a quotation stems from the fact that it typically outlines specific details about the work to be performed, including the scope, materials, and timelines, which are all negotiated and agreed upon beforehand. As a result, clients can feel secure knowing that the price quoted will not change, barring any alterations to the scope of work or unforeseen circumstances that may warrant a reassessment of the quote.