Definition: Request for Quote

What is a request for quote?

A request for quote (RFQ) is a document or process used by companies to request quotes or price proposals from potential vendors. By issuing an RFQ and evaluating proposals from multiple vendors, companies can ensure that they are getting the best value for their money while also ensuring that the products and services meet their quality and performance standards.

An RFQ typically includes a list of products or services that the company is interested in purchasing, along with specifications and/or quantities. The list is then sent to multiple vendors, who then submit their proposed prices and terms for consideration. This process allows companies to compare and evaluate different proposals from vendors and select the one that offers the best value and meets their needs.