what is the difference between a quotation and an offer
They are almost the same thing but the difference between them is their legal significance. Quotation is just a price estimate. A quotation is simply a statement setting out the estimated cost for a particular work, goods or service. The quotation maker isn't necessarily offering to provide them.
â¢ Bid price is always lower than the ask price of the same commodity and the difference is often called the spread. â¢ Bid price is the price at which the market buys from you a pair of currencies whereas offer price is the price at which the market sells you a pair of currencies. The same applies in the context of a share market.