The buyer may call for an estimate even before a quotation is raised. It is also known by the names such as cost estimates or proforma invoices or bids.ĭue to its nature as a non-binding document, the buyer may opt out of the sale transaction without worrying about any repercussions. ![]() It is also a way to agree or negotiate on the price and scope of work before it commences. It is an informal document usually used during the initial stages of sales. ![]() ![]() An estimate depicts the amount that the seller wants to charge for goods or services yet to be supplied to a potential customer. Meaning of an estimate for invoicing purposesĪn estimate refers to a non-binding document that a seller sends to a buyer intimating the pricing for products or services that interests the buyer.
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