RFQ
Seeking vendor pricing
RFQ stands for request for quotation, a document businesses send to potential suppliers asking them to bid on providing specific goods or services.
Unlike informal inquiries, an RFQ details exact specifications, quantities, and delivery requirements: We sent out an RFQ to five vendors for the server hardware.
In procurement, RFQs help organizations compare prices systematically before making purchasing decisions.
Request for information
- specificationsStated requirements and parameters
- criteriaStandards for judgment
- clarificationMaking meaning plain
- evaluationDetermining worth or quality
scope of work · requirements · response · due date · addendum · amendment · questions · technical requirements
Source of goods
- vendorOne who sells goods
- sourcingObtaining from suppliers
- supply chainProduct delivery infrastructure
- procurementObtaining goods externally
purchase order · requisition · materials · services · inventory · logistics · buying · specifications
Cited passage or price
- estimateInformed guess at quantity
- pricingEstablishing monetary amounts charged
- costRequired payment amount
- priceMonetary value assigned
proforma · rate · unit price · line item · costing · cost breakdown · markup · discount
Soft or sore
- proposalFormal plan for consideration
- submissionYielding to another's will
- bidOffer to purchase
- auctionCompetitive public sale
competition · bidder · contractor · prequalification · shortlist · invitation · deadline · award
inquiry
Request for information
- specificationsStated requirements and parameters
- criteriaStandards for judgment
- clarificationMaking meaning plain
evaluation · scope of work · requirements · response · due date · addendum · amendment · questions · technical requirements · deliverables
supplier
Source of goods
- vendorOne who sells goods
- sourcingObtaining from suppliers
- supply chainProduct delivery infrastructure
procurement · purchase order · requisition · materials · services · inventory · logistics · buying · specifications · compliance
quotation
Cited passage or price
- estimateInformed guess at quantity
- pricingEstablishing monetary amounts charged
- costRequired payment amount
price · proforma · rate · unit price · line item · costing · cost breakdown · markup · discount · terms
tender
Soft or sore
- proposalFormal plan for consideration
- submissionYielding to another's will
- bidOffer to purchase
auction · competition · bidder · contractor · prequalification · shortlist · invitation · deadline · award · competitive bidding
Buyer's formal acquisition document
contract · invoice · order confirmation · work order · sales agreement
RFQquote
Repeated words from another
quotation · bid · proposal · price quote · purchase order