What is RFQ (Request for Quotation)?
Used to collect pricing and commercial responses for comparable goods or services.
Definition
A Request for Quotation asks suppliers to price a clearly defined scope. Requirements are already settled, so the variable being tested is commercial - price, lead time, terms - not approach.
How it works in practice
An EPC buyer issues an RFQ for structural steel against a fixed specification and drawing set. Six fabricators quote the same scope, so the responses are directly comparable and can feed straight into a competitive event.
Why it matters
RFQ is the right instrument when the specification is stable. Using it when requirements are still open produces quotes against six different interpretations - the failure that makes bids look competitive while measuring different things.
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