Index Requests for Quotation

A Request for Quote (RFQ) is a request sent to one or more vendors asking them to provide specifics about their pricing, terms, and conditions related to a purchase for a product they provide. Usually the pricing request is tiered, which means that by purchasing larger quantities of an item, the price per individual unit goes down. A vendor may also opt to provide additional discounts when a specified total amount has been spent across all items purchased within a specified time frame.
The first step is to set up a RFQ in order to define the item, the pricing tiers, and the open and close date of the bidding period. By sending the vendors the RFQ, they are able to define and submit their pricing, terms, conditions, and other relevant details for their quote.After all the vendors have submitted a quote, buyers analyze the submissions to determine the best overall deal from the quotes provided.
Goto Purchase→Request for Quotation
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