RFQ (Request For Quotations)
A Request for Quotations (RFQ) is a formal solicitation from buyers to suppliers for the purpose of obtaining price quotes and proposals. An RFQ typically includes a detailed description of the product/service or materials requested, along with specific instructions for submission and evaluation. Through the RFQ process, buyers are able to compare numerous suppliers in order to obtain the best possible quote and create competitive market pricing. The RFQ is an important tool in business procurement that helps buyers optimize the value of their buying decisions.
