Request for Quotation or “RFQ”
Request for Quote is the process in which suppliers bid on the work to complete projects or services. An RFQ, or Request for Quotation, is a great way to get quotes from many different suppliers or manufacturers when you have work that needs to be done. The RFQ process usually includes part quantities, specific materials used, contract length, payment terms, etc.
It is important for RFQs to include all specifications of the project, so that the quotes that are received by suppliers or manufacturers are accurate and the bids are competitive as far as the project and specs are concerned. Request for quotations are used in many different platforms and for many different business types. Manufacturing is one of the most common businesses to use an RFQ process to obtain bids on products or services.
The RFQ process encourages competition. On the supplier side, very competitive bids are given, because they are quite sure they are competing with other qualified companies. Product quality, as well as price, schedule, contract, and other important details should be outlined in the Request for Quote, so as to reduce any uncertainty that there might be on the supplier end.
The RFQ Process
Many companies online are now using an RFQ process to obtain bids on work. Contract Auction is a large manufacturing platform that allows businesses or individuals to submit an RFQ or request for quotation. Once an RFQ is submitted, suppliers all over the United States that specialize in that field are notified of the RFQ submitted and they now can review the product and place a bid to complete the work. In a struggling economy, contract manufacturers, as well as suppliers nationwide are struggling for business. On the flip side, many people that are searching for suppliers or the right manufacturer for their product don’t know who to call or where to start. The RFQ process is very simple on Contract Auction, and is free for both the bidder and the job poster. If you do not receive any bids that are within your specifications for the project, it is not required that you accept a bid. Contact information may be shared for your convenience and ease in working through the project.