RFQ

What does RFQ stand for and what does it mean?

A request for quotation (RFQ) is a procurement document used to solicit pricing and service details from suppliers. It’s kind of like putting up a “Who wants this gig?” sign for vendors and then choosing the best match. Putting one together often involves clearly listing what you need (specs, quantities, timelines), providing delivery and service conditions, setting submission instructions (because chaos isn’t a strategy), establishing criteria for comparison, and then sending it to vendors and letting the pricing battle begin.