RFQ
Category: Procurement
Also searched as: Request for quotation
Definition (plain English)
A Request for Quotation asks suppliers for price and terms against a defined product, specification, quantity, Incoterm, and delivery requirement.
Why it matters commercially
RFQs work when the requirement is clear enough for direct comparison; weak RFQs create misleading unit prices and hidden exclusions.
Example
A sourcing team sent an RFQ with pack size, MOQ tier, FOB port, artwork requirement, sample standard, and payment terms so supplier quotes could be compared fairly.
Common mistake
Asking only for unit price without fixing specification, pack basis, Incoterm, quantity, currency, validity, payment terms, and excluded charges.
Use this in CommerceKit
Landed Cost
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