RFQ

Request for Quotation

A procurement document used to solicit price quotes and related information (such as delivery schedules, payment terms, etc.) from potential vendors for specific products or services. Unlike an RFP, which focuses on the overall solution and vendor capabilities, an RFQ is primarily concerned with the pricing and commercial aspects of the offering. Organizations typically issue RFQs when they have a clear understanding of their requirements and are ready to make a purchasing decision based on factors such as cost, availability, and delivery terms.

• Abbreviation: RFQ