The Request for Quotation (RFQ) is a formal business process that is used to solicit quotations from suppliers and vendors. It is a critical step in the procurement process, as it allows organizations to obtain competitive pricing from multiple vendors. An RFQ typically includes a detailed description of the goods or services that are needed, the delivery timeline, and any special requirements that must be met. It also outlines the terms and conditions of the purchase, such as payment terms, warranty information, and delivery requirements. By providing potential vendors with all the necessary information, an RFQ helps organizations to quickly and efficiently compare offers and select the best supplier for their needs.