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Request for Quotation

An invitation to suppliers to submit priced quotes for specified items.

Area
Procurement
Abbreviation
RFQ
In this area
40 terms of 257

An RFQ asks multiple suppliers to quote on a defined list of goods or services so you can compare price, lead time and terms before committing.

Running competitive RFQs is a primary lever for cost savings and is the first step in structured, defensible sourcing.

See it in AWRA OpsHub

RFQs & Quotation Comparison

Related terms

Quotation

A seller’s formal offer of prices and terms to a prospective buyer.

Supplier Scorecard

A structured rating of a supplier’s delivery, price and quality performance.

Strategic Sourcing

A data-driven approach to selecting suppliers for long-term value.

More in Procurement

Approval Workflow Approved Vendor List (AVL) Bid Evaluation Blanket Purchase Order Category Management Conflict of Interest (CoI) Contract Lifecycle Management (CLM) Cost Avoidance

Request for Quotation is not just a definition here

Procurement runs on this vocabulary every day in AWRA OpsHub — 40 of our 257 glossary terms describe things the platform actually does.

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