Request for Quotation

RFQ (Request for Quotation) is a formal inquiry document that a buyer in foreign trade procurement proactively sends to potential suppliers. It typically includes detailed requirements such as product specifications, quantity, delivery time, and quality standards, and asks the seller to provide a quotation accordingly. It is commonly used in B2B procurement, pre-tender stages, or supply chain sourcing, especially for non-standard or customized products. Note: RFQ differs from an inquiry, which is broader and may not include specific parameters; it also differs from RFP (Request for Proposal) and RFI (Request for Information), as RFQ focuses on price and commercial terms rather than technical solutions or supplier capabilities. After issuing an RFQ, the buyer usually compares and negotiates multiple quotations, which may eventually lead to a PO (Purchase Order). When replying, the seller should ensure the quotation is clear, the validity period is specified, and trade terms (such as FOB, CIF) and payment methods are included to avoid future disputes.