The official business definition of RFQ (Request for Quotation) is a document that is used to solicit bids from suppliers and vendors in order to obtain the best possible price for a particular product or service. It is an important part of the procurement process and is typically used when a company needs to purchase goods or services that are not available from their existing suppliers. RFQs are usually sent out to multiple vendors in order to compare prices and services offered. The RFQ should include detailed information about the product or service being requested, including specifications, delivery terms, and payment terms. The vendor should then provide a quote based on the information provided in the RFQ. Once the quotes are received, the company can then compare them and select the best option for their needs.