A request for quote (RFQ), also known as an invitation for bid (IFB), is a process in which a company solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill certain tasks or projects. ... Companies may send RFQs alone or before a request for proposal (RFP).
What is the purpose of the request for quotation?
Definition: A request for quotation (RFQ) is a procurement method that consist in asking information about specific products or services to several suppliers. The company releases RFQ to a group of selected providers with the purpose of comparing prices and other basic sales terms.
How do you write a request for a quote?
How the request for quotation (RFQ) process works
- Prepare the RFQ document. ...
- Create a vendor list. ...
- Send out the RFQ document. ...
- Receive responses from vendors. ...
- Select the chosen vendor. ...
- Close the final contract.
