RFQ is a request for quotation used by companies to hire contractors for a job. Small businesses can also use it on their website to encourage potential customers to make a purchase. RFQ and RFP are similar and include important sections such as organizational overview, required deliveries, and assumptions and agreements.
RFQ is the acronym for Request for Quotation or Request for Quotation. This is an order that a company submits when it wants to hire contractors to do a job; the request for quotation is basically the company’s way of encouraging contractors to bid on each other. The company selects one of the bidders to accept the job.
A small business owner or entrepreneur can also include a quote request form on their website. This allows potential customers to contact him to request prices for services or products. An online form can help encourage potential customers to make a purchase, as it prompts action rather than passive Internet surfing.
Another frequently used term is Request for Proposal, or RFP. While the difference in terms can be confusing, an RFP and an RFQ are basically the same thing: an invitation for a contractor to bid. Although the idea of an RFQ is quite simple, it is still a business document and as such is divided into several important sections. The first section may be called “Organizational Overview” or a similar term and contains basic information about the company.
Another important section of the RFQ is often referred to as “Required Deliveries”. This section describes what the final work product should look like. For example, if the company is looking for a technical writer hired to put together a software manual, the manual itself will be listed in this section. The request for quote can also describe any features the company wants the manual to have, such as color images, specific sections, or a particular type of binding.
A third section is the “Assumptions and Agreements” section. This describes the terms of the job, such as a project budget, a bid limit, what types of travel or per diem expenses the company will provide, the process used to approve the product or materials, and so on. By submitting an offer, the contractor agrees to these terms. A request for quotation also provides information for contractors to use when making a bid. This information may include a deadline for submission of bids, information that the bid documentation or proposal must include to be considered, and the factors that will determine which bid the company will choose.
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