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A request for a quote is a formal process that companies use when they want to order products or services for their projects. It is a business document that invites vendors to provide their best prices and payment terms. A typical RFQ contains: General and technical specifications for the product or service.
What is a request for quote (RFQ)? A request for quote (RFQ), sometimes also known as an invitation for bid (IFB), is a document that asks suppliers to provide price quotes for the chance to fulfill a task or project. Some companies send RFQs as standalone requests, or as part of the request for proposal (RFP) process.
Heres a list of steps you can take to request a price quote via email: Write a subject line. Develop a strong opening. Ask for a quote for specific items. Add additional details and requests. Close the email.
The next phase in the procurement process, involves either a Request for Quotation (RFQ), or a Request for Proposal (RFP). When a company distributes an RFQ, they are simply asking for suppliers pricing on the requested services.