The Request for Quotation (RFQ) Procurement process is an official business procedure that is used to solicit bids from suppliers and vendors in order to acquire goods and services. It is a formal process that allows organizations to compare different offers and select the best one for their needs. The RFQ process is often used for large purchases, such as for materials, equipment, or services. The process begins with the organization issuing a Request for Quotation (RFQ) document that outlines the requirements for the purchase. This document includes information such as the item or service to be purchased, the quantity, the delivery date, and any other relevant details. Vendors then submit their bids, which are then evaluated by the organization. The organization then selects the vendor that offers the best value for their needs. The RFQ process is an important part of the procurement process, as it helps organizations to acquire the best goods and services at the best price.
