A Request for Quotation (RFQ) is a formal document a buyer sends to suppliers asking them to quote prices and terms for specific products or services, enabling clear comparison of offers.
A Request for Quotation (RFQ) is a formal document that a buyer sends to one or more suppliers, asking them to provide a price quote and terms for clearly specified goods or services. The RFQ is a cornerstone of professional B2B sourcing, because it allows a buyer to compare competing offers on a consistent, like-for-like basis.
On a B2B marketplace, an RFQ — sometimes called a "buy requirement" — lets a buyer describe exactly what they need so that verified suppliers can respond with their best quotation.
An RFQ is used when a buyer knows precisely what they want and needs pricing to make a decision. It sets out the specification, quantity and commercial terms so that each supplier quotes against the same requirement. This makes the resulting quotations directly comparable, unlike informal enquiries where each supplier might interpret the request differently.
The RFQ is an early step in the procurement cycle. It typically comes before the purchase order and the proforma invoice, and it shapes the final terms of the deal.
The more precise the RFQ, the more accurate and comparable the quotations will be.
The buyer prepares the RFQ and sends it to a shortlist of suppliers. Each supplier reviews the requirement and returns a quotation covering price, lead time, MOQ, payment and delivery terms. The buyer then evaluates the responses — not only on price, but also on quality, capacity, reliability and terms — and selects a supplier. A purchase order is usually issued next to confirm the deal.
Three related documents are often confused. An RFI (Request for Information) gathers general information about suppliers and their capabilities. An RFQ (Request for Quotation) requests specific pricing for a well-defined requirement. An RFP (Request for Proposal) asks suppliers to propose a complete solution, and is used when the requirement is complex or not yet fully defined. Buyers choose the document that matches how clearly the need is specified.
RFQs bring structure and transparency to purchasing. By asking every supplier to quote against the same specification, a buyer can compare offers fairly and negotiate from a position of knowledge. This is especially valuable in international sourcing, where price, MOQ, lead time and delivery terms can vary widely between suppliers and countries.
To get strong quotations, be specific about the product and quantity, state the Incoterms and payment terms you expect, give a realistic deadline, and send the RFQ to several verified suppliers. Providing drawings, samples or reference specifications reduces misunderstandings and helps suppliers quote accurately the first time.
A Request for Quotation is an essential tool for professional buyers. It turns a purchasing need into a clear, comparable request that suppliers can quote against, supporting better decisions on price, quality and terms. Used well, the RFQ is the first step toward a confident purchase order and a reliable supplier relationship — a natural fit for B2B buyers sourcing from verified manufacturers and suppliers.