Contents
What is a Request for Quotation?
An Request for Quotation (RFQ) is a competitive bidding document utilized to invite suppliers or contractors to submit price bids for products or services, particularly when the requirements are standardized or produced in repetitive quantities.
What's the difference between a Request for Quotation and Request for Proposal?
A request for quotation is a document used to find the lowest price possible when cost is a priority within the project scope. Therefore, focusing on elements such as:
- Price
- Cost per unit
- Discounts
- Service fees and terms
A request for proposal prompts vendors and contractors with complex questions in order to select the best candidate based on certain criteria. An RFP focuses on things like:
- Experience
- Customer service
- Competitive differentiators
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