The official business definition of a Request For Quotation (RFQ) is a document that is used to solicit bids from potential suppliers. It is a formal process in which a company or organization solicits competitive bids from multiple suppliers for a particular product or service. The RFQ includes detailed specifications of the product or service that the company is seeking, as well as any other requirements that the supplier must meet in order to be considered for the job. The company then evaluates the bids and selects the supplier that offers the best value for the company’s needs. RFQs are an important part of the procurement process and can help companies save time and money by ensuring that they are getting the best possible deal.
