What Is a Request for Quote (RFQ)?
A request for quote (RFQ) is a structured acquisition process in which a company or Govt. Agency solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill specific tasks or projects. The RFQ process is especially important to businesses or government agencies that need a consistent supply of a specific number of standard products. Companies may send RFQs alone or before a request for proposal (RFP).