An RFQ, or Request for Quotation, also referred to as a Call for Bids or Invitation for Bid, is a formalized business process wherein a company or public entity solicits quotes from suppliers for the procurement of specific products or services. This structured request serves as an invitation to potential suppliers to submit detailed quotations outlining pricing for the specified goods or services.
Unlike a simple price inquiry, an RFQ often encompasses additional details beyond the price per item, providing a comprehensive overview of the supplier's capabilities and terms. The RFQ process enables organizations to evaluate and compare quotes, facilitating an informed decision-making process in the procurement of goods or services.
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