Tuesday 11 November 2014

What is a ‘Request for Quotation’ (RFQ)?

Answer

A ‘RFQ (Request for Quotation),’ which can be created directly or with reference to another RFQ or a PR or an Outline Agreement, is actually an invitation to vendor(s) to submit a ‘quotation’ for supplying a material or service. The RFQ will contain the terms and conditions for supply. You may send the RFQ to single or multiple vendors, and you can monitor it by sending reminders to those who have not responded to the RFQ.





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