Re-quotation

Re-quotation in foreign trade refers to the act of a seller issuing a new quotation to a buyer because the original quotation conditions have changed or the customer requests adjustments. Common scenarios include: significant exchange rate fluctuations, rising raw material costs, customer modifications to product specifications or quantities, expiration of the original quotation's validity period, adjustments in transportation costs, etc. Unlike the initial quotation, a re-quotation must be clearly marked as 'Re-quotation' and reference the original quotation number to avoid confusion with the old quotation. Points to note: explain the reason for the re-quotation and maintain transparent communication with the customer; if adjusting the price due to increased costs, provide reasonable justification; a re-quotation usually comes with a new validity period and a statement that the previous quotation is void. Difference from 'Counter-offer': a counter-offer is a buyer's request to modify the seller's quotation, whereas a re-quotation is the seller proactively or at the buyer's request issuing a new quotation. Similar in meaning to 'Revised quotation,' but re-quotation emphasizes recalculation due to changes in external conditions.