Request for quote (RFQ)

A request for quote (RFQ) is a document that a business or a public entity sends to a potential supplier or contractor to solicit quotes for a specific product or service. An RFQ usually contains details such as the quantity, quality, schedule, payment terms and other requirements that the supplier or contractor must meet. An RFQ is often used when the buyer knows exactly what they need and wants to compare prices and terms from different vendors. An RFQ is not legally binding and does not obligate the buyer or the seller to enter into a contract.