The official business definition of a Request for Quotation (RFQ) is a document that is sent out to potential suppliers in order to solicit a quote for a specific product or service. An RFQ typically includes details about the product or service being requested, such as the quantity, quality, and delivery requirements. It also includes instructions on how to submit a quote, including the deadline for submission. The RFQ process is an important part of the procurement process, as it allows businesses to compare different suppliers and make an informed decision about which supplier to choose. By issuing an RFQ, businesses can ensure that they are getting the best possible deal for their product or service. Additionally, the RFQ process can help to ensure that suppliers are providing quality products and services at competitive prices.