RFQ (Request for Quotation)
A solicitation focused on price for clearly defined goods or services.
A Request for Quotation (RFQ) is used when the buyer has a clear, specific need — typically commodities or off-the-shelf services — and the primary evaluation criterion is price. RFQs are simpler than RFPs and usually require fewer narrative responses. They often include line-item pricing, delivery schedules, and standard terms. Vendors win by offering the best total cost while meeting minimum requirements.