requestforquote
A request for quote (RFQ) is a procurement document used by buyers to solicit price quotations from suppliers for specific goods or services. It is typically used when requirements are clear and price is the main selection factor, and is commonly employed for standard or commodity items. An RFQ is distinct from a request for proposal (RFP) and a request for information (RFI), which solicit broader proposals or information, respectively.
An RFQ usually includes the scope of work or specifications, quantities, delivery or completion timelines, terms
The typical process: identify need, prepare the RFQ with detailed requirements, publish or distribute to potential
Evaluation and compliance: include price, unit costs, total cost, delivery lead times, payment terms, warranties, and
Best practices and risks: be precise in requirements, provide a clear quotation format, allow questions before
Variants and related terms: In some setups RFQs may be part of e-procurement systems or supplier portals