The official business definition of Procurement Request for Quotation (RFQ) is a process used by organizations to obtain goods and services from external suppliers. This process involves the preparation of a formal document that includes the details of the goods or services required, the quantity needed, the delivery schedule, and any other specifications. The RFQ is then sent to potential suppliers who are invited to submit a quotation. The quotations are then evaluated and compared against the criteria outlined in the RFQ, and the most suitable supplier is chosen. The chosen supplier is then awarded the contract and is responsible for delivering the goods or services in accordance with the terms of the RFQ. Procurement RFQs are an important part of the procurement process and are used to ensure that organizations get the best value for their money when purchasing goods and services.
