Term
RFQ
Request for quotations
A price-forward ask, usually for simpler purchases, where your quote is the main event.
A lighter solicitation used for simpler or smaller buys. You submit a quote, price leads the decision, and the writing burden is far below an RFP. Technically a quote is not a binding offer the way a sealed bid is, but treat every number you send as one you would honor.
In a sentence
"Quotes are due Friday; award will be made to the lowest-priced technically acceptable quoter." Price wins among everyone who clears the bar.
Also called
- request for quote
- quotation
Terms like this show up in every federal notice. We translate them in place, on every notice in your trade.