An RFQ (or Request for Quotation) is an official procurement request by a business organization or government entity to suppliers. It’s essentially a call to action: the supplier is asked to provide a quote in response to the proposed offer, including information about the products/services they can provide and the associated costs. By sending out an RFQ, the purchaser indicates their interest in making a purchase—and the supplier will use the document as the basis for negotiations. Through this process, both parties gain insight into how services and products can be provided at the best cost for maximum value.