Lapasar
Purchasing & Procure-to-Pay

Request for Quotation (RFQ)

Also known as: RFQ

A request for quotation (RFQ) is a document a buyer sends to suppliers asking them to price a clearly defined list of goods or services.

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An RFQ is used when the requirement is well specified and the main variable is price. It lists items, quantities, specifications and commercial terms so suppliers quote on a like-for-like basis, making the responses directly comparable. RFQs suit repeat purchases and standard goods.

Where the requirement is more complex or the best solution is not yet defined, buyers use a request for proposal (RFP) instead, which invites suppliers to propose an approach. A clear, standardised RFQ speeds up evaluation and reduces back-and-forth chasing missing details.

Frequently asked questions

What is an RFQ?
A request for quotation (RFQ) is a document asking suppliers to price a defined list of goods or services, so the buyer can compare quotes on a like-for-like basis.
What is the difference between an RFQ and an RFP?
An RFQ is used when the requirement is well defined and price is the main variable. An RFP is used for complex needs where you want suppliers to propose a solution, not just a price.

Go deeper

Free RFQ template

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Operating model · diagram

  1. 01

    AI-first software

    AI-first procurement software for long-tail spend

  2. 02

    Live marketplace

    A live B2B marketplace

  3. 03

    Human services

    Human sourcing and support

  4. 04

    Optional add-on

    Fulfilment support for merchants