The official business definition of a Request for Quote (RFQ) is a document that a company sends to suppliers in order to solicit a quote for a specific product or service. An RFQ typically includes product or service specifications, such as the quantity needed, the quality desired, the delivery timeline, and any other relevant information. It also includes instructions on how to submit a quote, such as the format and the deadline for submission. The RFQ process is a key part of the procurement process, as it allows companies to compare quotes from multiple suppliers and select the one that best meets their needs. By using an RFQ, companies can ensure that they are getting the best value for their money and that they are getting the highest quality product or service.
