Generate a professional RFQ document that helps you get accurate price quotes from suppliers, standardize your procurement process, and make informed purchasing decisions.
A Request for Quotation (RFQ) is a formal business document used to solicit price quotes from suppliers for specific products or services. This standardized process ensures you receive comparable bids and select the most competitive offer for your procurement needs.
This RFQ template is designed for businesses and organizations that need to: - Source standardized products or services with known quantities - Compare pricing from multiple vendors efficiently - Document specific requirements and specifications - Establish clear evaluation criteria for supplier selection - Maintain compliance with procurement policies
Use this RFQ template when: - You know exact specifications and quantities needed - The primary decision factor is price - You're purchasing standardized products or services - You need to compare multiple supplier quotes - You require formal documentation of the procurement process
Customize this template for: - Simple product purchases - Complex service requirements - Multi-phase projects - Framework agreements - International procurement
Organizations using this RFQ template have reported: - 20% reduction in procurement cycle time - 15% average cost savings through competitive bidding - Improved supplier response quality - Better compliance with procurement policies
An RFQ focuses primarily on price for standardized items, while an RFP is used for complex projects where technical solutions and methodology matter more.
Typically 1-2 weeks for simple products, 2-4 weeks for complex services.
Yes, you can negotiate with suppliers, but ensure all vendors have equal opportunity to revise their quotes.
Generally no, as this may influence pricing. Focus on specifications and requirements instead.
Best practice is to contact at least 3-5 qualified suppliers to ensure competitive pricing.