Request For Quotation (RFQ)

Posted on July 27, 2010 by

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A Request For Quotation is a seller selection process where the buyer knows what they need and specifies quantity, terms, even target price.  It is a companion, complimentary seller/vendor selection tool to the Request For Proposal.  You might use a RFQ at your work place and not even realize it.  For example purchasing 100 copies of Microsoft Windows, 25 chairs, 200 notebooks or, dare to dream, 25 Apple IPads are examples of a RFQ.  You know what you want and even the quantity, but you desire to do some comparison shopping.  Some organizations develop a meta-RFQ list, such as the United States General Services Accounting (GSA) list or Wal-Mart’s preferred vendor list.