The official business definition of the acronym RFQ is “Request for Quote”. This is a document used by businesses to solicit bids from suppliers and vendors. The RFQ typically outlines the scope of the project, the timeline, and the budget. It also outlines the terms and conditions of the project, such as payment terms, delivery terms, and any other special requirements. The RFQ is an important tool for businesses to ensure that they are getting the best possible price for the goods or services they are purchasing. By providing potential vendors with the details of the project, businesses can get competitive bids and select the best supplier for their needs. Additionally, the RFQ process can help businesses ensure that they are getting the best quality goods or services for their money.