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A quote is a financial document used in the purchasing process, often termed a price quote, sales quote, or quotation. Typically created by suppliers of goods or services, quotes are provided to potential customers, such as in dealings with plumbers, electricians, or lawyers. They present a fixed price for goods or services that both the customer and supplier can agree upon. If the customer accepts the quote, the price is locked in, meaning the supplier is now obligated to deliver the agreed-upon goods or services at that price. This process is essential for business owners who need to provide clients with estimates before they proceed with hiring.