Request for Quotation (RFQ)
A request for quotation (RFQ) is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ generally means the same thing as IFB (Invitation For Bid). An RFQ typically involves more than the price per item. Information like payment terms, quality level per item or contract length are possible to be requested during the bidding process.To receive correct quotes, RFQs often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service.
