Request for quotation (RFQ)

A tender for a clearly defined product or service where the buyer mainly wants a price. RFQs are usually smaller, faster and decided on the lowest compliant price.

Also called: RFQ, Request for quote

Related terms

Request for proposal (RFP)

A tender where the buyer describes a problem or outcome and asks suppliers to propose how they would deliver it. RFPs are scored on approach, experience and price together, not price alone.

Lowest price compliant

An award method where every bid that meets all mandatory requirements is ranked on price alone, and the cheapest wins. Common for hardware and licences.