A Supplier RfQ (Request for Quotation) is a formal procurement instrument used to solicit offers from suppliers in order to obtain the best value for goods and services needed. An RfQ typically involves providing a detailed description of the desired product and services, including any applicable specifications, as well as solicitation of pricing and delivery terms from multiple qualified suppliers. By reviewing the quotations received from different suppliers, an organization can then make an informed purchasing decision based on price, quality, service, and other criteria.