RFQ

What does RFQ stand for in business?

Request for quote

An RFQ, or "request for quote," is a document a business sends to suppliers or contractors, asking them to submit price quotes for a set of items or tasks. RFQs are also sometimes referred to as IFBs (invitations for bid).

RFQs are similar to but distinct from RFPs (requests for proposal). Businesses send RFQs when requesting a price for a standard, defined item or task. Businesses post RFPs when the product they need or task they need completed is non-standard, and its exact specifications are unknown. As part of answering an RFP, a supplier or contractor details how they will create the needed item or perform the needed task. Such details are not needed in an RFQ.

Also, businesses do not post RFQs publicly. Instead, they send RFQs to a select group of suppliers or contractors, who specialize in the item or task the business needs.

Example

"I want to get that RFQ out ASAP, with a response deadline of Oct 12."

Related Slang

Usage

Last Updated: October 12, 2021

RFQ definition

This page explains what the acronym "RFQ" means. The definition, example, and related terms listed above have been written and compiled by the Slangit team.

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