Quotes, estimates, and invoices serve different purposes at different stages of a project. Here’s how the three documents compare.
A quote is an offer to perform specified work or supply specified items at stated prices and terms. A quote is usually more definite than an estimate and may have an expiration date.
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An estimate is an approximate projection of the price or effort required for proposed work. Unlike a fixed quote, the final price may change when the scope, quantities, time, or costs become clearer.
An invoice is a formal payment request that itemizes goods or services provided, the amount owed, the parties involved, and the payment terms.
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