The official business definition of Request for Quotations (RFQs) is a formal process in which a business solicits competitive bids from suppliers for goods or services. RFQs are typically used for large purchases or for goods or services that are not readily available in the market. They are used to ensure that the company is getting the best value for its money. The process involves sending out a request to multiple suppliers, asking them to provide a quote for the goods or services needed. The supplier must provide detailed information about the goods or services, including price, delivery time, and quality. Once the quotes are received, the company can compare them and select the best option. RFQs are an important part of the procurement process, as they help ensure that the company is getting the best value for its money.