A Request for Quote (RFQ) is an essential element of the buying process, whereby a potential purchaser or buyer seeks a quotation from selected suppliers or contractors for a specific task or project. A RFQ is different from a Request for Proposal (RFP) because the focus is on delivering a product or service according to the buyer’s estimated needs and quantities.

In some cases, a RFQ and RFP can be used in tandem, as there can be elements of both buying processes involved: the buyer may have an idea of what they need, but need more information before they can commit to an investment. This can involve the buyer sending out a RFP to find out what options are available, then using a RFQ to refine the criteria and requirements of the desired product or service.

RFQs allow buyers to centralize their buying process, as they can send out RFQs to multiple vendors and compare their response to find the most cost-effective and suitable solution. Through a RFQ, potential suppliers will provide prospective buyers with "quotes" that include information such as the part number, material description, quantity, delivery date, and price.

It is crucial for potential buyers to provide accurate specifications and requirements in the RFQ so that suppliers can properly estimate their costs and provide the best price. Buyers should also take into consideration any additional costs associated with instruction manuals, engineering drawings, and shipping when submitting a RFQ.

RFQs are essential for ensuring that a buyer finds the best supplier to meet their needs while also staying within their budget. An established process between the buyer and supplier can result in a long-term relationship where both parties benefit.