Request for Quote
A request for quotation (RfQ) is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. In order to recieve compartive quotes, RfQs often include the specifications of the design and specification in detail to make sure all the suppliers are bidding on the same basis. Logically, the more detailed the specifications, the more accurate the quote will be and comparable to the other suppliers. Another reason for being detailed in sending out an RfQ is that the specifications could be used as legal binding documentation for the suppliers.