What is RFQ?

A Request for Quotation (RFQ) is a document commonly used in procurement and purchasing to solicit price quotes and proposals from potential suppliers or vendors for specific goods or services. It typically includes details such as the desired quantity, specifications, delivery requirements, and any other relevant terms and conditions.

The primary purpose of an RFQ is to gather detailed information on pricing, product details, and terms from suppliers, allowing the buyer to make informed decisions based on the responses received. This formal request helps streamline the procurement process, enabling businesses to compare quotes from different suppliers and select the most suitable option for their needs.