RFQ Full Form: Request for Quotation Meaning
Definition
RFQ stands for Request for Quotation — a document a buyer sends to several suppliers asking for their price and terms for specified items and quantities.
| Term | RFQ (Request for Quotation) |
|---|---|
| In Hindi | कोटेशन के लिए अनुरोध (RFQ) |
| Area | Purchase & stores |
| Search phrase | RFQ full form |
| Try it | Quotation format |
कोटेशन के लिए अनुरोध (RFQ) — हिंदी में अर्थ
RFQ का पूरा नाम Request for Quotation है — खरीदार कई सप्लायरों को तय सामान और मात्रा के लिए उनकी कीमत और शर्तें माँगने के लिए यह भेजता है।
What an RFQ contains
RFQ number and date, item description and specification (or drawing), quantity, required delivery date and place, quality and testing requirements, payment and delivery terms sought, and the last date for quotations.
RFQ vs RFP vs RFI
RFI (request for information) asks what suppliers can do. RFP (request for proposal) asks how they would solve a problem, for complex purchases. RFQ asks for a price for a clearly defined item — the usual choice for raw material and components.
Example
RFQ-0042 to three steel suppliers: 2,000 kg MS plate 10 mm IS 2062, delivery in 10 days at Ahmedabad, quotes by Friday. The quotes are compared and the PO goes to the best one.
Related tools and guides
Frequently asked questions
What is the full form of RFQ?
Request for Quotation.
What is the difference between RFQ and quotation?
The RFQ is the buyer's request; the quotation is the supplier's reply with price and terms.
How many suppliers should get an RFQ?
Usually at least three, so prices can be compared fairly.
What comes after an RFQ?
Comparing quotations, choosing a vendor and issuing a purchase order.
Related terms
- Bin cardA bin card is a record kept at each storage bin or rack by the storekeeper, showing the quantity of an item received, issued and in balance after every transaction. It records quantities only, not values.
- FSN analysisFSN analysis classifies inventory items as Fast-moving, Slow-moving or Non-moving according to how often and how much they are issued over a period, so that stores can focus replenishment on fast items and clear the rest.
- InventoryInventory is the stock of goods a business holds to make or sell — raw material, work in progress, finished goods and consumables. In Hindi it is माल सूची or भंडार.
- Lead timeLead time is the time from starting a process to finishing it — for purchase, from placing an order to receiving the goods; for a customer, from their order to delivery.
- MOQ (Minimum Order Quantity)MOQ stands for Minimum Order Quantity — the smallest quantity a supplier will accept in one order for an item, set so that its own setup, packing and freight costs are covered.
- ProcurementProcurement means obtaining the goods and services a business needs — from identifying the need and choosing a supplier to ordering, receiving and paying. In Hindi, procurement means खरीद or प्रापण.