What is a RFQ
A request for quotation (RfQ) is a procurement to pay process in which a company or public entity requests a quote from a vendor for the purchase of specific product or services. RfQ generally means the same thing as Call for bid and invitation to bid
An RfQ typically involves more than the price per item. Information like payment terms, quality level per item or contract length may be requested during the bidding process
To receive correct quotes, RfQ's often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service. Logically, the more detailed the specifications the more accurate the quote will be and comparable to the other suppliers. Another reason for being detailed in sending out an RfQ is that the specifications could be used as legal binding documentation for the suppliers.