Quotation is a group of words from a text or speech and someone repeats other than the original author or speaker.
For example : “a quotation from Mark Twain”
Moreover, it is also a formal statement setting out the cost esitmation for a particular job or service.
“ensure you receive a written quotation covering all aspects of the job”
#1. First Meaning
It is the repetition of a sentence, phrase, or passage from speech or text that someone has said or written. For example: John said: “I saw Mary today”.
Direct and indirect quotations are sometimes not distinguishable. Traditionally, English uses an overt complementizer that after a quotative verb to indicate indirect quotation. But it is also to prompt direct one in some English varieties like Indian English, Hong Kong English, and Kenyan English.
Hong Kong English: After the movie I just said that “Oh Frank I cannot walk.”
Indian English: Never a husband says that “I’ll make a cup of tea okay, you sit. I’ll make a cup of tea.”
Kenyan English: So Kabuwe Abuwe told us that “If it is for wedding I am not going to contribute.”
#2. Second Meaning of Quotation
A construction quotation is the document from a construction firm or company to their clients for the discussion the prices or cost of the items, materials, and work force. Moreover, this definition is also valid other arenas of business. With this meaning, we can call it in short ” quote”.
A supplier prepares a quote as a direct response to a client who may be considering using the supplier’s services. If the client finds the resulting quote acceptable, they may award the supply contract to that supplier.
However, the client may obtain quotes from a number of potential suppliers. As a result, he may then select the most economically advantageous to them. This may not necessarily be the lowest priced quote. There are many other selection criteria such as track record, duration of the works, staff capabilities and so on.
In the field of investment, a quote is the price of a share or investment commodity that is ‘quoted’ to a client and is the last (latest) price that the share was traded at.