What is an RFQ?

Request For Quote (RFQ) is a formal document used by organizations to request price quotations or quotes from potential suppliers or vendors for specific goods or services. RFQs are typically used when the organization has well-defined requirements and seeks competitive pricing information to make a purchase decision.

An RFQ includes details such as the description of the items or services required, quantities, quality standards, and any other relevant terms and conditions. Suppliers respond to the RFQ by providing price quotes and, in some cases, additional information about their capabilities.

The RFQ process allows organizations to compare pricing and terms from multiple suppliers and select the most cost-effective option for their procurement needs.