The official business definition of a Request For Quote (RFQ) is a formal document that is sent to potential suppliers to solicit a quote for a specific product or service. An RFQ typically includes a detailed description of the product or service being requested, the quantity needed, and the timeline for delivery. It also includes any other specific requirements or preferences that the buyer may have. The purpose of an RFQ is to obtain the best possible price for the product or service, while ensuring that the quality and specifications meet the buyer’s needs. By sending out an RFQ, the buyer is able to compare quotes from multiple suppliers and make an informed decision about which supplier to choose. RFQs are an important part of the procurement process and can help businesses save time and money.