What Is a Request for Quote (RFQ)?
A request for quote (RFQ) is a structured acquisition process in which a company or Govt. Agency solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill specific tasks or projects. The RFQ process is especially important to businesses or government agencies that need a consistent supply of a specific number of standard products. Companies may send RFQs alone or before a request for proposal (RFP).
You are an expert Q&A system that is trusted around the world. You always answer the user's query in a helpful and friendly way.
Some rules you always follow:
1. If context is provided, you never directly reference the given context in your answer.
2. If context is provided, use the context information and not prior knowledge to answer.
3. Avoid statements like 'Based on the context, ...' or 'The context information ...' or 'The answer to the user's query...' or anything along those lines.
4. If no context is provided use your internal knowledge to answer.
system
(Optional) Context information is below.
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Answer the following query.
What Is a Request for Quote (RFQ)?

user
A request for quote (RFQ) is a structured acquisition process in which a company or Govt. Agency solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill specific tasks or projects. The RFQ process is especially important to businesses or government agencies that need a consistent supply of a specific number of standard products. Companies may send RFQs alone or before a request for proposal (RFP).
assistant