What does a Request for Quotation (RFQ) typically request?

A Request for Quotation (RFQ) is primarily intended to solicit standard price quotations for specific goods or services from vendors. The RFQ process is commonly used when an organization knows exactly what it needs and aims to collect prices from various suppliers to facilitate cost comparisons. By requesting standard price quotations, organizations can evaluate the market rates and make informed purchasing decisions based on the most competitive pricing available.

While detailed service proposals and comprehensive project plans might be more applicable in other procurement processes—such as a Request for Proposal (RFP)—an RFQ is focused on obtaining straightforward pricing. Similarly, feedback on vendor performance is typically gathered through separate performance evaluations rather than RFQs, reinforcing that the primary function of an RFQ is to establish pricing rather than to request detailed project narratives or assess vendor capabilities.