The official business definition of Request For Quotation (RFQ) is a document that is used to solicit bids from suppliers and vendors in order to obtain the best possible price for a product or service. An RFQ typically includes a description of the goods or services required, the quantity needed, the delivery date, and the payment terms. The RFQ also includes instructions on how to submit a bid, including the format and deadline for submission. By using an RFQ, businesses can compare the different bids they receive and select the one that best meets their needs. An RFQ is an important tool for businesses to ensure they are getting the best value for their money.