Glossary
RFQ (Request for Quotation)
A request for quotation is a document a buyer sends to one or more suppliers describing what they want to buy and asking for a price, lead time and terms.
Where it appears in procurement
An RFQ is used when the requirement is well defined and the main variables are price, delivery and evidence of compliance. It differs from an RFP, which asks suppliers to propose a solution, and an RFI, which gathers information before any request.
Example
"Please quote 10,000 HDPE 500 ml containers, food-contact grade, delivered to Hamburg by 30 November, with an EU 10/2011 declaration of compliance and migration test report."
In Complyra
Complyra generates the RFQ from the parsed requirement and the compliance result, sends it to one supplier or a group of verified suppliers, notifies them in their portal and collects structured quotations against it.