Request For Quotation – Definition

A request for quotation, or RFQ, is a type of procurement process in which companies solicit bids from suppliers in order to get the best possible price for a product or service. The RFQ process can be used for everything from office supplies to major construction projects.

When issuing an RFQ, companies will usually put out a detailed specification of what they are looking for in terms of the product or service, as well as any other requirements such as delivery date and quantity. Suppliers will then submit their quotations, and the company will choose the one that offers the best value.

RFQs can be a great way to ensure that you are getting the best possible price for whatever you are purchasing. However, it is important to make sure that your RFQ is clear and concise, otherwise you may end up with a lot of unusable bids.