Understanding RFQs: What You Need to Know About Requests for Quotation

RFQ stands for "Request For Quotation". It is a document that is used to invite suppliers or contractors to submit a quote for the supply of goods or services. The purpose of an RFQ is to gather price and delivery information from multiple suppliers, so that the buyer can compare offers and make an informed decision about which supplier to choose.

An RFQ typically includes details such as the item being requested, the quantity needed, any specifications or requirements for the item, and the deadline for submission of quotes. Suppliers are then asked to provide a quote that meets the specified requirements and includes their price, delivery time, and any other relevant information.

RFQs are commonly used in procurement processes for goods and services, and can be issued by buyers in a variety of industries, including government agencies, private companies, and non-profit organizations.