This free Formal Price Quotation & Project Cost Estimate template is a ready-to-use document you can fill in, export and send today. Clear formal quotation explicitly distinguishing fixed quoted prices from preliminary estimates and post-delivery invoices. Use it to put a fixed, itemised price in front of a buyer with an expiry date attached. Every field is editable, the preview updates as you type, and the finished file downloads as PDF or Word with no watermark and no sign-up.
Who this Formal Price Quotation & Project Cost Estimate template is for
- Trades and service businesses pricing defined jobs
- Agencies and freelancers quoting a scoped engagement
- Suppliers responding to a request for pricing
What's included in this Formal Price Quotation & Project Cost Estimate template
- Quotation number
- Quotation date
- Valid until date
- Vendor name
- Vendor address
- Client name
- Client address
- Scope summary
- Itemized quote
- Estimated total
- Validity terms
- Acceptance signature
How to use this Formal Price Quotation & Project Cost Estimate template
- 1Restate in one line what the client asked for — it proves you listened.
- 2Itemise: description, quantity, unit price, line total.
- 3Write what is included, then write what is explicitly excluded.
- 4State a validity period. Thirty days is standard.
- 5Add an acceptance signature line, which turns the quote into an order.
Formal Price Quotation & Project Cost Estimate: mistakes to avoid
- Write the exclusions before the inclusions. It shows you where the project leaks.
- Always show tax on its own line. A tax-inclusive total hides your rate.
- A lone total invites "cheaper?". An itemised one invites "what can we remove?".
- Carry the accepted line items straight into the invoice, word for word.
Frequently asked questions
How long should a Formal Price Quotation & Project Cost Estimate stay valid?
State an explicit validity period — thirty days is standard. Without it a client can accept your price months later, after your costs have risen. The expiry also creates gentle urgency without you discounting.
What is the difference between a quotation and an estimate?
A quotation is a fixed price for defined work and is generally binding once accepted within its validity period. An estimate is an approximation that may change as the scope firms up.
Should tax be shown separately?
Always. A tax-inclusive total hides your actual rate and confuses the client's finance team. Show taxable value, rate, tax amount and grand total on separate lines.
Can I turn it into an invoice once accepted?
Yes, and you should reuse the same descriptions and numbers. Rewriting them introduces discrepancies that delay payment.