ERP glossary · Purchase
What is Request for quotation (RFQ)?
Definition
A request for quotation is a document a buyer sends to several suppliers asking them to quote prices and terms for the same items.
Comparing the replies helps the buyer choose a supplier on price, delivery time and terms before raising a purchase order.
Request for quotation in IndustryX
From the Standard plan, IndustryX lets you hold more than one vendor rate per item.
Related terms
All glossary termsStart running your business on IndustryX today
Free forever* for 2 users. Upgrade when you grow, and your data comes with you.