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A quote is a financial document essential in the purchasing process, often referred to as a price quote, sales quote, or quotation. It is typically prepared by suppliers and presented to potential customers, such as in services from plumbers, electricians, or lawyers. A quote outlines a fixed price for the goods or services a customer intends to purchase. If the customer agrees with the quoted price, they accept it, thereby locking in the price. This agreement signifies that the supplier is now obligated to deliver the specified goods or services at the agreed amount. Understanding quotes is crucial for business owners engaging with clients.