What's RFQ?

"Request for Quotation." It is a document or process used in procurement to solicit price quotes and terms from potential suppliers.

Request for Quotation (RFQ) includes details about the desired products or services, delivery requirements, and a request for pricing information.

Suppliers respond to the RFQ with their quotations, allowing buyers to compare pricing, terms, and other factors before making a purchasing decision.

RFQs streamline the procurement process by facilitating communication between buyers and suppliers and enabling informed decision-making based on competitive quotes.