Inquiry

Inquiry is the first step in foreign trade negotiation, referring to the act of a buyer or seller asking the other party about transaction conditions (such as price, specifications, quantity, delivery time, etc.) for the purpose of purchasing or selling a certain commodity. Inquiries are usually sent by buyers, called an 'invitation to offer'; they can also be sent by sellers, called an 'invitation to bid'. The content of an inquiry can be simple or detailed, sometimes only asking about price, and sometimes requesting a complete quotation. It is mostly used to develop new customers, understand market conditions, or test the other party's sincerity in doing business. Notes: An inquiry has no legal binding force on either party, but it should be answered promptly to maintain good business relations; it is necessary to distinguish between a 'Firm Offer' and a 'Non-firm Offer'. An inquiry itself is not an offer and does not constitute a contract. The difference from an 'offer' is that an offer is an expression of intent proposing specific transaction conditions and is bound by them, while an inquiry is only an inquiry and is not binding.