Request for Quotation Law and Legal Definition
A request for quotation (RFQ) is a standard business process used to invite suppliers into a bidding process to bid on specific products and/or services. It is similar to invitation to bid. Information like payment terms, quality level per item or time frame of the contract can be requested during the bidding process. As an RFQ allows different contractors to provide a quotation, the best can be selected. It also makes the potential for competitive bidding a lot higher, as the suppliers are aware that they are not the only ones bidding for the products.
Legal Definition list
- Request for Proposal
- Request for Production of Documents
- Request for Permission to Modify a Motion
- Request for Extension of Time to File a Statement of Use
- Request for Evidence (Immigration)
- Request for Quotation
- Request For Reconsideration
- Request for Review
- Request to Reinstate an Application
- Requester [Patents]
- Requests for Admissions
Related Legal Terms
- 1040 Form
- A Fortiori
- A Fortiori Argument
- Absent Uniformed Services Voter
- Academy for International Conflict Management and Peacebuilding [USIP]
- Acceptance for Value
- Access to Classified Information (Military)
- Accessory Before The Fact
- Accompanying the Armed Forces outside the United States
- Accounting for Fruits
