The official business definition of RFQ stands for Request for Quotation. It is a document sent out by a business to potential suppliers or vendors in order to solicit a quote for a specific product or service. The RFQ typically includes details such as the quantity of the product or service required, the delivery date, payment terms, and any other specifications that the business requires. The RFQ also outlines the criteria that the business will use to evaluate the quotes received. By using an RFQ, businesses can compare quotes from different suppliers in order to find the best deal. This helps businesses save time and money by ensuring that they are getting the best value for their money.