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What is RFQ and RFP?

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What is RFQ and RFP?

While an RFQ is a request for quote, an RFP is a request for proposal. An RFQ is sent when you know exactly what product/service you want, and you really only need to know the price. An RFP is sent when it’s more complicated and you want to evaluate many factors besides price before making a decision.

What is the purpose of an RFQ?

A request for quote (RFQ), also known as an invitation for bid (IFB), is a process in which a company solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill certain tasks or projects.

What should a RFQ include?

Your RFQ should include the following:

  • Specific parts or products, with detailed descriptions.
  • Delivery requirements.
  • Product quantity.
  • Payment terms.
  • Selection criteria.
  • RFQ timeline and review process.
  • Terms and conditions.
  • Submission requirements.

What is an RFQ in government contracting?

A Request for Quotations (RFQ) is also used to communicate government requirements, but quotations submitted in response to it are not offers, and consequently may not be accepted by the government to form a binding contract. As opposed to an RFP, an RFQ does not solicit binding offers.

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How do you ask for RFQ?

Here are some example sentences:

  1. I would like to request a quote for _________.
  2. I would be interested to know the price of ________.
  3. Please could you send me a quote for_______.
  4. Please could you provide me with a quote for ______?
  5. I would be grateful if you could send me a quote for the following_______.

How do you write an RFQ document?

An RFQ document should include the following elements:

  1. Executive summary and project requirements.
  2. Submission dates and contract requirements.
  3. Pricing details.
  4. Project timelines.
  5. Contact details.
  6. Selection criteria.

What is the threshold for a RFQ?

The FAR allows an RFQ for government-unique items to be used for Purchase Orders (PO) that do not exceed the simplified acquisition threshold of $100,000. For commercial items, these procedures using RFQ may be used up to 5.5 million dollars. An RFQ is part of FAR Part 13 – Simplified Acquisition Procedures.