What is requisition for quotation (RFQ)?

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What is requisition for quotation (RFQ)?..

Answer / gurmeet singh

Sometimes the buyer decides a request for quotation (RFQ)
is required by other suppliers to determine the best price
for the goods or services requested. Once the quote is
back, that information is used to finalize the purchase
order.

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What is requisition for quotation (RFQ)?..

Answer / kishore

An RFQ is a formal application or proposal to a supplier of
goods and services who can be evaluated and qualified
generally based on the written documents (quotes). These
quotes basically determines the pricing/contract
agreements. Once the supplier is qualified, the bid is
awarded by the Central purchasing department.

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