What do you mean by RFQ term?

Business & Management
#1

Request for Quotation (RFQ) is a business document asking suppliers or service providers to give a comprehensive quote/pricing for the purchase of an item(s) or the completion of a specific task.A request for quote (RFQ), also known as an invitation for bid (IFB), is a process in which a company solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill certain tasks or projects.