request for quotations (RFQ)
Definition
Document used in soliciting price and delivery quotations that meet minimum quality specifications for a specific quantity of specific goods and/or services. RFQ are usually not advertised publicly, and are used commonly for (1) standard, off-the-shelf items, (2) items built to known specifications, (3) items required in small quantities, or (4) items whose purchase price falls below sealed-bidding threshold. Suppliers respond to a RFQ with firm quotations, and generally the lowest-priced quotation is awarded the contract. See also invitation to bid (ITB), request for tenders, and request for proposals.
request for quotations (RFQ) is in the Agreements & Contracts and Purchasing & Procurement subjects.
request for quotations (RFQ) appears in the definitions of the following terms: responsive bidder, bid solicitation and request for proposals (RFP)
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