The official business definition of a Request For A Quote (RFQ) is a document that is sent to potential suppliers to solicit a quote for goods or services. It outlines the specifications of the goods or services needed, the quantity required, and the delivery timeline. The RFQ also includes instructions on how to submit a quote, including any required documentation, and the timeline for submitting the quote. The RFQ is an important tool for businesses to obtain the best prices and terms for goods and services. It also helps to ensure that the supplier is able to meet the customer’s needs in terms of quality, quantity, and delivery. By sending out an RFQ, businesses can compare different suppliers and make an informed decision on which supplier to use.
