Quote Glossary

Cotizacion (Quote)

Usage: All regions | Context: General

The most neutral term, understood throughout Latin America and Spain. Used for both simple and formal documents detailing products or services with their prices.

See: What is a quote format

Presupuesto (Budget / Estimate)

Usage: Mexico, Argentina, Uruguay, Colombia, Chile, Spain | Context: Detailed document

A more detailed document than a simple quote. Includes cost breakdown, work phases and technical specifications. Has higher contractual value. In Mexico it is the preferred term for formal documents. In Spain it is the generic term for any cost estimate.

See: Professional budget format | Quote vs budget differences

Proforma (Proforma Quote)

Usage: Peru, Bolivia, Ecuador, Central America | Context: Formal pre-invoice document

A preliminary document detailing products or services with prices, before issuing the final invoice. Serves as a formal offer the client can review and approve. Has no fiscal validity but does have commercial value. Especially used in Peru and Bolivia for B2B transactions.

See: Proforma quote: what it is and examples

Estimado / Estimacion (Estimate)

Usage: Dominican Republic, Puerto Rico, Panama | Context: Colloquial and formal alternative

Term used as an alternative to "cotizacion" in the Caribbean. "Estimado" is used in both colloquial and formal contexts. In the Dominican Republic it is common to hear "hazme un estimado" (give me an estimate) to request a quick quote.

Machote (Template / Model)

Usage: Mexico | Context: Template or model

Mexican regionalism for a quote template or model. A "machote" is a pre-designed document that serves as a base for quickly creating quotes. It is equivalent to what other countries call a plantilla, formato, or modelo.

Download: Free quote templates and machotes

Modelo (Quote Model)

Usage: All regions | Context: Complete example to copy

A complete example with fictional but realistic data that serves as a guide for creating quotes. Unlike a template (an empty format to fill in), a model includes sample information showing exactly how the document should be structured.

See: Professional quote model: Examples to copy

Propuesta economica (Economic Proposal)

Usage: All regions (corporate) | Context: Bids, formal B2B

Formal term used in bids, tenders and corporate purchasing processes. An economic proposal usually includes not just prices but also commercial, technical and legal conditions. It is the most common term in the corporate and government sector.

Oferta / Oferta economica (Offer / Economic Offer)

Usage: All regions (formal) | Context: Public tenders, competitions

Formal document presented in response to a public tender or competition call. Includes the offered price, technical specifications and execution conditions. It is the legal term used in public procurement.

Formato de cotizacion (Quote Format)

Usage: All regions | Context: Document structure and design

Refers to the structure, layout and visual design of the quote document. Includes the template, fields, price tables and visual identity. It is the most searched term on Google (37,500 impressions in the main cluster).

See: Complete quote format guide | Professional quote format 2025

Ejemplo de cotizacion (Quote Example)

Usage: All regions | Context: Illustrative model

A quote with fictional data showing how the final document should look. Examples are useful for understanding the structure, tone and level of detail required. This cluster has 6,791 impressions on Google.

See: Quote examples by industry

Cotizacion formal (Formal Quote)

Usage: All regions | Context: Legally valid document

A quote with all the legal and commercial elements necessary to be considered binding. Includes tax details, terms and conditions, validity period, and signature space. Differs from an informal quote or verbal estimate.

See: Formal quote: How to make one, examples and template