What does RFQ stand for in procurement documents?

In procurement documents, RFQ stands for "Request for Quotation." This term is used when an organization seeks price proposals from vendors or suppliers for specific goods or services. The RFQ process typically involves detailing the items required and requesting quotes to facilitate price comparisons. By using an RFQ, the organization aims to obtain competitive offers, which helps in making informed purchasing decisions based on both price and terms offered by various suppliers.

This process is particularly useful for projects that have well-defined requirements, allowing for straightforward comparisons among bids. Successful procurement often hinges on receiving accurate and competitive quotes, which is precisely what an RFQ aims to achieve. In essence, when an RFQ is issued, it signifies that the organization is ready to engage suppliers and assess their pricing for the specified needs.