A Request for Quotation (RFQ) is a document or formal inquiry issued by a buyer or purchasing entity to solicit price quotations or bids from suppliers, vendors, or contractors for the supply of goods or services.
Once suppliers receive the RFQ, they prepare and submit their quotations or proposals in response to the specified requirements. The buyer evaluates the received quotations and selects the supplier offering the best value in terms of price, quality, delivery, and other relevant factors. The RFQ process helps buyers compare offers from multiple suppliers and make informed procurement decisions.