The official business definition of RFQ stands for Request for Quotation. It is a document that a company sends to potential suppliers to request pricing information on goods or services. It is a standard process in business-to-business transactions and is used to determine the best supplier for a particular product or service. RFQs are used to compare prices, quality, and delivery times from multiple suppliers in order to get the best value for the company. The RFQ process can be used for both small and large purchases, and can be tailored to fit the specific needs of the company. The RFQ should include a detailed description of the goods or services requested, the desired delivery date, and any other requirements the company may have. The supplier is then expected to provide a quote based on the information provided in the RFQ. By using the RFQ process, companies can ensure they are getting the best value for their money and can make an informed decision when selecting a supplier.