Request For Quotation (RFQ)

A request for quotation (RFQ) is a business process in which a company or public entity requests a quote from a supplier for the purchase of specific products or services. RFQ generally means the same thing as Call for Bids (CFB) and Invitation for Bids (IFB). 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.

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