A formal document issued by an organization to solicit price quotations from potential suppliers or vendors for specific goods or services.
A formal document submitted by a supplier or vendor in response to an RFQ, providing pricing details for the specified goods or services.
A company or individual that provides goods or services and is eligible to submit a quotation in response to an RFQ.
A detailed description of the tasks, deliverables, and expectations that the organization requires from suppliers, typically included in the RFQ to guide quotation submissions.
A section within the RFQ that outlines the format and structure for suppliers to present their pricing, often including itemized costs and quantities.
The legal and business terms that will govern the agreement between the organization and the selected supplier, often included in the RFQ.
The timeline specified in the RFQ indicating when the goods or services are expected to be delivered by the selected supplier.
The standards or factors used by the organization to assess and compare quotations received in response to the RFQ, helping in the selection of the most suitable supplier.
The specified conditions and schedule for payment to the supplier, outlined in the RFQ to ensure mutual agreement and understanding.
Detailed requirements and specifications for the goods or services outlined in the RFQ, ensuring that suppliers understand the organization’s specific needs.
The specified date and time by which suppliers must submit their quotations to be considered in the evaluation process.
Special pricing considerations offered by suppliers in their quotations, often included in the RFQ to encourage competitive pricing.
An RFQ provision indicating that the organization may select multiple suppliers to fulfill the requirements outlined in the document, encouraging competition and diversification.