A request for quote (RFQ) is a process in which the company invites outside vendors and different suppliers to bid on specific products or services. Generally speaking, it is the request for the price of the items you know you want.
With that said, a request for a quotation typically implies more than just a cost of items and might require detailed information about the project and its requirements. Therefore, it’s important to provide full product or project specifications whenever a quotation is requested.
Providing as much relevant information as possible allows you to create a much more precise quote in contrast to other vendors. The other reason for making price quotes specific lies behind the legal binding as quotes can be used for legal purposes.