Create Your Request for Quotation (RFQ)

Generate a professional RFQ document that helps you get accurate price quotes from suppliers, standardize your procurement process, and make informed purchasing decisions.

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Request for Quotation (RFQ) Template

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.

What This Template Is For

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

When To Use This Template

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

How To Customize It

  1. Start with the company information section, including your organization's details and contact person
  2. Clearly define product or service specifications, including quantities, quality standards, and technical requirements
  3. Set specific delivery requirements and timeline expectations
  4. Include evaluation criteria and scoring methodology
  5. Add payment terms and conditions
  6. Specify submission requirements and deadlines

Common Use Cases

  • Office supplies and equipment procurement
  • Manufacturing materials sourcing
  • IT hardware purchases
  • Maintenance service contracts
  • Construction material procurement

Best Practices

  • Be specific about technical requirements and specifications
  • Include clear quantity requirements and delivery schedules
  • Set realistic response deadlines
  • Provide a standardized pricing template
  • Include all relevant terms and conditions
  • Maintain transparency in evaluation criteria

Template Variations

Customize this template for: - Simple product purchases - Complex service requirements - Multi-phase projects - Framework agreements - International procurement

Success Stories

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

Frequently Asked Questions

What's the difference between an RFQ and RFP?

An RFQ focuses primarily on price for standardized items, while an RFP is used for complex projects where technical solutions and methodology matter more.

How long should suppliers have to respond?

Typically 1-2 weeks for simple products, 2-4 weeks for complex services.

Can I negotiate after receiving quotes?

Yes, you can negotiate with suppliers, but ensure all vendors have equal opportunity to revise their quotes.

Should I include my budget?

Generally no, as this may influence pricing. Focus on specifications and requirements instead.

How many suppliers should I contact?

Best practice is to contact at least 3-5 qualified suppliers to ensure competitive pricing.

Customize Your Request for Quotation Template

Adapt this RFQ template to your specific procurement needs