A Request for Quote is a document that invites vendors to bid prices for particular products or services, often used for products that are made in large numbers and are relatively cheap.
An RFQ document outlines the various pricing possibilities for explicit goods or services. A business will often use RFQ's when they are aware of exactly what they need and do not need further details regarding the goods or services.
Just like any other Quote in Business, an RFQ contains the prices, payment conditions, and information about the product or service, if this is required. If a business knows exactly the type of goods or services they want, all information regarding the description of the products becomes meaningless. Here, the key factor is the price and often, this is the only thing that the requester will look at. The RFQ will often have a deadline for submitting quotes; therefore responding to an RFQ has to be as quick as possible to ensure that an opportunity to form a contract is not missed. As an RFQ response has to be quick; this gives the potential customer an opportunity to draw comparisons between the different RFQ's they have received and make a decision. Usually, the deciding factor in this case is the price.
An RFQ template can be downloaded by clicking the link below.
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