Education
Sub Category
Namugongo Secondary - Entrepreneurship
KEY AREAS IN ENTREPRENEURSHIP PAPER ONE
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From Wikipedia, A request for quotation (RfQ)/ letter of quotation is a business process in which a company or public entity requests a quote from a supplier for the purchase of specific products or services. RfQ generally means the same thing as Call for bids (CfB) and Invitation for bid (IfB).[1]
An RfQ typically involves more than the price per item. Information like payment terms, quality level per item or contract length may be requested during the bidding process.
To receive correct quotes, RfQs often include the specifications of the items/services to make sure all the suppliers are bidding on the same item/service. Logically, the more detailed the specifications, the more accurate the quote will be and comparable to the other suppliers. Another reason for being detailed in sending out an RfQ is that the specifications could be used as legal binding documentation for the suppliers.
