The official business definition of Purchasing Request for Quotation (RFQ) is a document that is used to solicit a formal offer from a supplier. It is a formal invitation to suppliers to submit a quotation for the purchase of goods or services. The RFQ typically includes a description of the goods or services being requested, the quantity needed, delivery terms, payment terms, and other important information. The RFQ also outlines the process for evaluating and selecting the supplier that will be awarded the contract. By using an RFQ, businesses can compare the different offers they receive from different suppliers and make an informed decision on which supplier to select. This process helps to ensure that businesses get the best value for their money and that the supplier selected is able to meet their needs.
