Request for Quotation

Have you ever wanted to buy something but you weren't sure how much it would cost? A request for quotation (RFQ) is like asking someone how much something costs before you buy it.

Let's say you need to buy a toy from a seller. You send the seller an email asking them how much the toy costs. This is like sending an RFQ. The seller will then respond with a price and some other details about the toy, like what brand it is and what color it comes in.

Similarly, companies can use RFQs to ask potential suppliers how much their goods or services will cost. This can help the company make informed decisions about who to buy from and how much they should budget for those purchases.

Overall, an RFQ is a way to ask for pricing and other information before making a purchase. It's like doing your homework before buying something to make sure you're getting a good deal.