What Is a Request for Quotation (RFQ)?
This is a UK procurement term. A document a buyer issues to obtain priced quotes for a clearly specified, usually straightforward requirement.
When do buyers use an RFQ?
For straightforward, clearly specified requirements, often of lower value, where price is the main differentiator.
Is an RFQ a formal tender?
It is usually a simpler process, often used below threshold, but the buyer may still have rules on format and deadlines.
What should suppliers include?
A clear price that matches the specification exactly, any assumptions and the validity period of the quote.
