Glossary
What Is RFQ? Request for Quotation Explained
An RFQ, or request for quotation, is a solicitation asking suppliers to submit pricing for clearly defined products or services.
An RFQ (request for quotation) is a solicitation asking suppliers to submit pricing for clearly defined products or services. It states quantities, requirements, delivery expectations, commercial terms, and a response deadline so buyers can compare offers. An RFQ invites offers; it is generally not a purchase commitment.
What Is RFQ? The Definition Explained
An RFQ, or request for quotation, is a solicitation asking suppliers to submit pricing for clearly defined products or services. It normally specifies quantities, requirements, delivery expectations, and commercial terms so buyers can compare offers.
Example: a buyer needing 500 machined brackets sends the drawing, material, quantity, and a response deadline to several suppliers, then compares the returned quotations.
Typical RFQ Contents and Variants
| Element | Typical value | Source |
|---|---|---|
| Requirement definition | Clearly defined product or service | GSA and Microsoft Dynamics guidance |
| Quantity | Buyer-specified quantity or quantities | Microsoft Dynamics |
| Submission deadline | Buyer-defined date and time | UNGM procurement guidance |
Variants include the paper RFQ and the electronic RFQ issued through procurement software, which centralizes bids, timestamps, and supplier comparison.
How RFQs Are Used in Manufacturing
In manufacturing, an RFQ is how buyers price defined parts, tooling, or services across several suppliers. It fits best when requirements are settled; it is a poor fit when requirements or solutions are still uncertain.
- Buyer issues specification, quantity, terms, and deadline; suppliers return quotations.
- An RFQ requests pricing for defined requirements; an RFP invites proposed solutions.
- An RFQ invites offers; a purchase order communicates an authorized purchase.
Related terms
Have a drawing to quote?
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FAQ
Common questions
When should I use an RFQ?
Use an RFQ when the product, service, quantity, and requirements are sufficiently defined. It gives suppliers a fixed basis to price, so the returned quotations are comparable.
What should an RFQ include?
Include specifications, quantities, delivery requirements, commercial terms, and a response deadline. Complete item and vendor data keeps the process efficient.
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