RFQ (Request for Quotation)

An RFQ, or Request for Quotation, is a formal process businesses use to gather price estimates from suppliers for specific products or services they need. It involves sending detailed specifications to potential vendors, who then respond with their proposed costs and terms. This helps the company compare options, ensure competitive pricing, and make informed purchasing decisions. RFQs are commonly used in procurement to streamline sourcing and establish clear agreements based on price, quality, and delivery timelines.