Request for Quotation (RFQ)

Request for Quotation, also known as, Request for Quote is a business process or a business document whose purpose is to gather comprehensive information from an outside vendor or a supplier in regards to a completion of a specific task or a project.

Request for Quotation is a more rigorous version of Request for Information and requires an outside entity to provide the exact numbers of costs for each phase of the project.

Request for Quotation let companies precisely calculate the expenses and compare several vendors to choose the most suitable option.

Glossary terms starting with the same letter

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