What is RFQ?

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What is RFQ?
RFQ is the shortened term for Request for Quotation. Others also coin this acronym as Request for Quote. This type of requisition is necessary for a company to put out during their hiring process for contractors to carry out a specific task. If you are familiar with the bidding process amongst contractors to get a particular available job, this request is a necessity to execute that method.

When the results are finalized after the bidding of contractors against each one, the company that initiates the issuance of the RFQ eventually selects the best or highest bidder for the job. However, this is of course applicable for those who are dealing with big corporate businesses.

The items which are typically included in the RFQ are not just the price for every product or item. You could also include other important details or data in this request form such as the quality level for each item, payment terms or the length of the contract which is to be requested especially within the duration of the bidding process.

For those who have smaller businesses or enterprises, RFQ is also possible to include in your business. Most businesses incorporate this request form on their business websites. This is done in order to provide a contact source where potential customers could inquire for the prices and other inquiries regarding their products and services. In fact, many smaller business owners and entrepreneurs use this type of online request form. It helps them encourage website visitors and viewers to take action and actually purchase the product or services. It basically results to imploring action compared to internet browsing which is a passive way of dealing with customers.

RFQ is therefore a vital and indispensable tool which is important to receive accurate quotes from the bidders or contractors.

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