Request for Quotation (RFQ)

A Request for Quotation (RFQ) is a formal process used by companies to invite suppliers or vendors to provide price estimates for specific products or services they need. It helps the company compare different offers to ensure they get the best value. The RFQ typically includes detailed information about what is required, so suppliers can submit accurate and competitive prices. Once received, the company reviews the quotes and selects the supplier that offers the best combination of price, quality, and delivery terms. This process helps ensure transparency and fair competition in procurement.