What is a Firm Quote?
One of the commonly used terms in international trade is binding offer. English: FIRM OFFER
Firm offer
Right!
- One of the commonly used terms in international trade, that is, binding
- Firm offer
- The main feature of the firm offer is that
- The content of the actual offer should generally have the correct name of the goods, detailed quality specifications, actual quantities, complete price conditions and payment conditions, and accurate
- One item
- The firm should also identify and pay attention to the following issues:
- Validity of firm offer. As a firm offer, there is a validity period. In this regard, one is that the validity period accepted by the closer is clearly and specifically specified in the real offer; the other is not explicitly stipulated in the real offer, but is valid for a reasonable time according to convention.
- A firm offer that clearly specifies the validity period: If the validity period is clearly specified in the firm offer, the closeter must accept it within the stipulated period to be valid. However, the interpretation of this law varies from country to country, so in China
- Expiration of a firm offer: According to the customs and plans of international trade, a firm offer immediately fails if one of the following conditions is met,
- This is interpreted differently by different countries. The United Nations Convention on Contracts for the International Sale of Goods, adopted in 1980, stipulates whether the firm offer can be revoked during its validity period:
- Before the contract is concluded, the offer may be revoked, if the notice of revocation is served on the offeree before the offeree gives a notice of acceptance.
- However, the offer cannot be revoked under the following circumstances:
- a. The offer states the time limit for acceptance or otherwise indicates that the offer is irrevocable;
- b. The offeree has reason to rely on the offer to be irrevocable, and the offeree has acted in accordance with the offer.