What is a price inquiry letter? (LOI): Request letter sent and issued by the buyer to the seller. In this exact letter, it should be specified what goods it needs under what conditions, for what purpose and with what transportation, it even states its price and method of payment in this letter.

I tell them the details of the goods, how to pay, shipping, destination and other items that the seller can calculate according to those specifications and send the exact price in response to this letter. (Purchase request must be completely transparent and accurate and all items must be placed in this section so that we are comfortable to issue FCO)

first step

The relationship between buyer and seller starts with asking for information and price, sometimes a buyer knows exactly what he needs and says his request, but sometimes because of the complexity of the product he can not specify exactly what he needs.

For example, the buyer knows that he needs Fandoghi pistachios, but his details are what it is, the amount of mouthwash or even the amount of smoked and. . . It has no control. Here the buyer requests a request from the seller who is an expert (Request for proposal), here the seller prepares and sends a proposal according to the buyer’s needs.

For example, it sends for the Fandoghi pistachio you want. These ounces are available that have such specifications. And according to the buyer’s needs, he is offered which car is suitable for purchase.

Many times

The buyer knows exactly what product he needs with what technical specifications. By providing accurate and technical product information, it asks the seller for the price and defines the terms of the transaction.

When the buyer has the ability to specify the technical specifications of the product and request a price announcement, he must send his request through the same letter of intent or letter of inquiry, which is called LOI for short.

In the LOI, exactly all the items and technical specifications that affect the price must be specified by the buyer, so that the carpet can also determine and announce the final price according to the conditions.

Definition of LOI

A formal letter of request for a purchase or a memorandum of understanding containing details of the business to be carried out is issued by the buyer to the seller. This letter includes product and product specifications, required quantity, destination, shipping method, bank affairs and other details.

This letter is required for trade negotiations but does not impose any obligation on the parties unless they have agreed.

The main structure of LOI

Part One

Date . … To which company (recipient name) is written for the sales manager, subject: price inquiry

Part II
When we do not know the name and gender, the term is used for official letters: Dear sir or madam

third part
The main text of the letter, which consists of 3 paragraphs

The first paragraph
In this we use the initial correction section of a business letter, and introduce ourselves. For example :

We are very happy to introduce ourselves to you as an important trading company in the Iranian car accessories market.

The second paragraph
You are kindly requested to provide a price for 1200 sets of tractor piston rings based on delivery in Bandar Abbas according to CFR rules, which must be specified in the letter, and in the currency or currency we are interested in, and We also bring the rules and regulations of our country that allow us to use this currency.

The product must be originally made in Japan and have the following technical specifications.
Model: M130 grade….
Model: N75 grade… ..

Third paragraph
We have to announce that the requested document must be submitted to me by the end of office hours on October 16, 2020 at the latest.
It should be noted that faster responses will be a priority.

Part IV
The bottom right of the letter. The name of the buyer and his job position are written.

Part Five
The left end of the letter is about contact information (address, phone number, fax, mobile, email and.