Request for Quotation

A documentation provided by a client and sent to potential suppliers.

This is often used where required products or services are of a relatively low value (typically between £1,000 and £5,000), without the need for a formal tender process, yet still receive competitive quotes, typically a minimum of three, to ensure value for money is achieved.

The supplier would be expected to clearly state as a minimum:
• the cost or fee for the product or service.
• the extent of the returned offer.
• how long the offer is valid for.

The term is often shortened to RFQ.