RFQ (Request for Quotation)

A Request for Quotation (RFQ) is a procurement document used when an organization has clearly defined requirements and needs competitive price quotes from vendors. Unlike an RFP, which evaluates both technical approach and price, an RFQ focuses primarily on cost because the specifications are already well-established.

RFQs are common for commodity purchases, standardized services, and situations where the buyer knows exactly what they need. The evaluation is often straightforward: the vendor offering the best price that meets the specifications wins the contract.

While RFQs emphasize pricing, vendors should still highlight any value-added services, delivery advantages, or quality differentiators that could influence the decision beyond just the bottom line.