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Answer Posted / babitha.b
RFQ(Request for quotation) is an invitation to a vendor to
indicate his terms and condition (in particular his price)
for the supply of material or the provisions of a service
by submitting a quotation. As in the case of purchase
requisition,the RFQ identifies the material, quantity, and
delivery date.
3 types RFQ:
1.Standard RFQ: Created for one type of purchase item.
2.Catalog RFQ: Create for frequently order items.
3.Bid RFQ: Created for items where organization request to
deliver on a specific location,date,specific quantity.
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