Definition
An RFQ is a procurement document that asks vendors for firm pricing on a clearly defined set of goods or services, used when requirements are already fixed.
An RFQ works only when scope is unambiguous - otherwise the quotes aren't comparable and the gaps become change orders later. Lock the specification first, then ask for price.
Go deeperHow to write a software RFP that gets comparable bidsRelated terms
Benchside turns rfq into the exact questions, exclusions, and lock-in math for your specific vendor - your first project is free.