Published 7 Dec 2022
What is a Request for Quotation (RFQ)?
A Request for Quotation (RFQ) is a document prepared by a buyer, such as a procurement officer, to get price quotes for a specific product or service from suppliers or vendors. It usually contains the requirements set by the buyer, the product quantity or length of service (e.g., number of hours), and any additional information that could help the supplier or vendor in submitting a detailed and accurate quote.
Request for Quotation Template
This RFQ template can be used by procurement officers and purchasing managers to structure their request for quotation and ensure that they provide all of the necessary details to suppliers and vendors. Use the request for quotation template to do the following:
- Provide a short background to introduce the company and why it needs the product/service
- Record pre-qualification requirements so that only qualified suppliers and vendors proceed with the RFQ
- Request a quote for a product, service, or a combination of products and services
- Ask suppliers and vendors to submit a price breakdown of itemized costs
- Include answers to frequently asked questions before sending out the RFQ
In this article
- What to Include
- What is a Request for Quotation Template?
- How to Write RFQ with Example
- Start Supplier Relationships Right with SafetyCulture (formerly iAuditor)
- Free RFQ Templates
What to Include
A request for quotation should include the following:
- Product or service details
- Quantity and unit price (for products)
- Number of hours and cost of labor (for services)
- Required delivery date of product/service
- Quote submission deadline
- Evaluation process and criteria
- Payment terms and other information
- Contract terms and conditions
What is a Request for Quotation Template?
A request for quotation template (or RFQ template) is a tool used by procurement officers to send the same RFQ to multiple suppliers and vendors. A RFQ template standardizes the information received by the procurement officer by asking each supplier or vendor the same set of questions. This helps in comparing price quotes and selecting the best supplier or vendor for the product or service.
How to Write RFQ with Example
Write a request for quotation by following these 10 steps:
- Specify the product or service you’re requesting the quote for
- State the product quantity or length of service needed
- Determine the pricing method (e.g., unit price or hourly rate)
- Request a product or service price breakdown
- Note when you need the product or service delivered
- Describe the evaluation method/criteria and process
- Include payment terms and contract terms and conditions
- Create a section for Frequently Asked Questions (FAQ)
- Provide instructions on how to complete the RFQ
- Highlight the due date for submitting price quotations
For more guidance on how to write RFQ, preview the request for quotation sample PDF report or test out other RFQ templates, such as the ones below:
Request for Quote Template
Price Quote Template
Start Supplier Relationships Right with SafetyCulture (formerly iAuditor)
SafetyCulture is a digital operations platform that aims to help both experienced and beginner procurement officers and purchasing managers. It has the following free resources:
- Estimate Templates
- Procurement Checklists
- Supplier Audit Checklists
- Vendor Risk Assessment Templates
- Guide to Supplier Selection
Aside from the resources listed above, SafetyCulture also provides editable request for quotation templates that you can download and use for free. With the basic format embedded in each RFQ template, you won’t have to worry about missing out on any of the essential elements. Remember, providing the right information to suppliers and vendors is vital to maintaining a good relationship with them. Get started with SafetyCulture for free.
Free RFQ Templates
Request for Quote Template
This RFQ template is ideal for project-based quotations. Procurement officers and purchasing managers can do the following with the request for quote template:
- Record the details of the requesting company, including name, address, phone, email, and name of contact person
- Provide more information on the project, such as who the project lead is, their contact details, project objectives, goals, and background
- Require the vendor to submit their best price for the product or service
Price Quote Template
Procurement officers and purchasing managers can use this RFQ template to request quotes for bulk orders of products. Vendors can also use the price quote template to do the following:
- Note the requesting company’s customer ID (if applicable)
- Specify a quote validity date for limited-time offers and/or bids
- Add the item/product code (if applicable), the minimum or maximum quantity for the unit price, and the extended price for each item
