What does request for quotation mean?
Definitions for request for quotation
re·quest for quo·ta·tion
This dictionary definitions page includes all the possible meanings, example usage and translations of the word request for quotation.
Wikidata
Request for quotation
A request for quotation is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ, generally means the same thing as IFB. An RFQ typically involves more than the price per item. Information like payment terms, quality level per item or contract length are possible to be requested during the bidding process. To receive correct quotes, RFQs often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service. Logically, the more detailed the specifications, the more accurate the quote will be and comparable to the other suppliers. Another reason for being detailed in sending out an RFQ is that the specifications could be used as legal binding documentation for the suppliers. The suppliers have to return the bidding by a set date and time to be considered for an award. Discussions may be held on the bids. The bid does not have to mean the end of the bidding. Multiple rounds can follow or even a reverse auction can follow to generate the best market price.
Numerology
Chaldean Numerology
The numerical value of request for quotation in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of request for quotation in Pythagorean Numerology is: 6
Examples of request for quotation in a Sentence
Chief Executive Dennis Nobelius:
Our plan is clear, that we want to be one of those, we have a number of RFQs (request for quotation) at this moment for ADAS and we're discussing deeper relations when it comes to the AD part.
Translations for request for quotation
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"request for quotation." Definitions.net. STANDS4 LLC, 2024. Web. 1 May 2024. <https://www.definitions.net/definition/request+for+quotation>.
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