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Glossary / Also known as

RFQ process

Another name for Request for Quotation (RFQ).

Other names
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What does RFQ process mean?

RFQ process is another name for Request for Quotation (RFQ). A Request for Quotation (RFQ) is a formal document sent by a buyer to potential vendors inviting them to submit pricing and terms for specified goods or services.

The two names mean the same thing. You will see "RFQ process" in some ledgers, reports and contracts and "RFQ" in others. The full entry covers how it works, with examples.

Read the full definition of Request for Quotation (RFQ)

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From the glossary

Related terms.

Procurement Request for Quotation (RFQ) A Request for Quotation (RFQ) is a formal document sent by a buyer to potential vendors inviting them to submit pricing and terms for specified goods or services. Also called request for quote, quotation request, RFQ process Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax MSME payments MSME (Micro, Small and Medium Enterprises) A government classification for businesses based on investment and turnover that enables access to subsidies, priority lending, and special schemes. Also called micro and small enterprises, Udyam registered enterprise, MSE Statutory compliance Business Compliance The process of adhering to all applicable laws, regulations, and industry standards that govern business operations in India. Also called corporate compliance, regulatory compliance Purchase orders Blanket Purchase Order A blanket purchase order (BPO) is a long-term purchase agreement with a vendor for recurring goods or services at pre-negotiated prices, quantities, and terms over a defined period. Also called blanket PO, standing purchase order, blanket order
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