Glossary
RFQ (Request for Quote)
A request for quote (RFQ), also called a request for quotation, is a procurement document a buyer sends to suppliers asking for pricing on clearly specified goods or services. Because requirements are already defined, responses are compared mainly on price, delivery, and terms rather than on approach or solution design.
In practice
RFQs are the standard tool when the buyer knows exactly what it needs. Purchasing teams use them for commodities, standardized products, and well-scoped services where specifications, quantities, and delivery expectations can be written precisely. The supplier's job is not to propose a solution but to state what the defined scope will cost and on what terms.
Because the specification is fixed, RFQs support direct side-by-side comparison. Buyers typically send the same document to several qualified suppliers and award based on price, lead time, payment terms, and warranty, sometimes after a short negotiation.
For example, a manufacturer that needs ten thousand machined parts built to an attached drawing might send an RFQ to three approved suppliers and select the one offering the best combination of unit price and delivery schedule. The broader differences between the two formats are covered in this RFQ vs RFP comparison.
Keep reading
Related terms
For how sales and proposal teams manage quote and proposal requests, see the RocketDocs RFP response solution.
FAQ
Frequently asked questions
What is the difference between an RFQ and an RFP?
An RFQ asks for pricing on a precisely defined purchase, so price and terms decide the outcome. An RFP asks vendors to propose how they would solve a problem, so approach, qualifications, and overall value are weighed alongside cost.
When should a buyer use an RFQ?
Use an RFQ when specifications are complete and stable, multiple suppliers can meet them, and the main open question is cost. If the buyer still needs input on the solution itself, an RFI or RFP is the better instrument.
Is an RFQ a contract?
No. An RFQ is an invitation to submit pricing, and a supplier's quote is an offer. A contract is generally formed only when the buyer accepts that offer, often through a purchase order, subject to the terms both sides agree on.
From definition to response
See how RocketDocs turns these concepts into a working response process: approved content, private AI drafting, and audit trails your compliance team can trust.