RFQs (Request for Quotation)

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RFQs (Request for Quotation)

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RFQ is a process in which a company asks the potential suppliers to quote their prices for a specific list of items or services. Where the suppliers are required to quote their prices for that specific list of items, or services respectively.

The supplier with the most competitive market prices gets a chance to supply the goods for the company.

How does it Work?

  • Create a title, description, quotation due date and time, and payment terms
  • Create a questionnaire where you can set the evaluation criteria and put-up questions accordingly
  • Mention a list of items, quantity, description, and price range
  • Attach any supporting document that might be needed
  • Invite evaluators to evaluate the questionnaire
  • Invite/ Select the potential supplier(s) you want to get quotations from

What You Can Achieve Using RFI?

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