A request for quotation (RFQ) template is a document that the business is proposing to potential suppliers for a response quotations or invitation into a bidding process for a products or services. Typically, businesses are use RFQ to solicitate prices from qualified suppliers or vendors, which described in the RFQ’s items list.
The RFQ (Request for Quotation) is also known as IFB [Invitation of bid] & RFP [Request for Proposal]. However, RFQ is much uses in the business because of it is ask for a more comprehensive price quote.
Most of the businesses are preparing the request for quotation templates. To incorporate requirements of particular project or process. Actually, the RFQ may help to the project management to identifying entire project’s costs and even for cost of each stage.
Why management prefer RFQ?
The “Request for Quotation” may allow the management to collect the quotations from various suppliers / vendors. These quotes’ collections can have used to comparing the prices of different vendors. Even government bodies are using the RFQ for bids purposes. The concept of RFQ will be same, but the later procedures will be change.
Elements of (RFQ) Request of Quotation template
The RFQ template is a standard business process which often used to invite suppliers and vendors as you know. The accurate quote request can be increase the seriousness of supplier. Actually, the RFQ is the part of the RFQ process which having many procedures and activities involves. But the question is what are the major elements of the RFQ, and what should be include to make effective.
Basic Information
With simple layout, some information can be common such as RFQ number, date of issued, closing date for submission, name of issuer – address, location and contact details. You can also need to describe the contact / single contact point – person for communication about technical and commercial. Delivery address and its detailed instructions are also important.
Specifications
The information of the proposal specifications can be varying for each product; hence you have to describe this information carefully. If you are from engineering business and going to purchase for any industrial product – commonly you need a product technical sheet, drawings, third party inspection, quality inspection sheets etc.
Quality Requirements
Mostly in the businesses, whenever any business having new suppliers or vendors, even for qualified suppliers. The business can be asking for the samples and its approvals. The quality requirements can be depending on the products. Some products require the supplier’s having a qualified – personnel skills and competencies, quality certifications, third party inspections etc., at supplier’s facility.
Asking for estimations
When your business creating a RFQ, you have to must include the estimation of the prices. The description of the estimation is very necessary for any kind of the business. The details of the estimation should be including:
- Raw materials + Handling charges
- General labor charges
- Processing costs
- Packing & Forwarding
- Delivery charges
- Overheads and profits
- Government levies
The above information should be helpful when you are going to purchase any product from the supplier. You can ask to your supplier for breakdown pricing for you.
Payment Terms
With the RFQ, you can request to your supplier for their existing payment mode and terms. Even you can also describe availability of the doing payment. The details of the payment terms such as – no of days from date of invoice, payment discounts, binding period etc.
Asking for references, if require
When you are from construction, engineering or even from manufacturing unit and expecting to quote for the “job work” or any services. You can ask your supplier through RFQ about the previous jobs. Details of previous jobs, satisfied client’s details, as well other reference. That you can ensure the supplier is sufficient to comply the business requirements.
Solutions
With the “request for quotation” you can also describe your existing condition of your facility. In case any solutions you are expecting from your supplier, you can describe along with RFQ. For Instant, when you going to purchase “TV” – you ask your supplier for issues about “Power Fluctuations” at their areas.
RFQ [Request for Quotation] Sample Template
Download RFQ Template for Word
Examples of Request for Quotation templates
As you know, the RFQ is uses to solicit or invite to suppliers or vendors for quote / bidding for products or even services. An RFQ may help to choose the best vendor with superior values.
Because it includes information such as:
- Extracting specifications for the product
- Breakdown the itemize for costs
- Allows the comparison
- Delivery schedules and time table.
Herein you can find best suitable templates as below:
Simple request for quotation template
This simple request template helps you to presenting your requirement to vendor more professionally. This specific information may help to your suppliers to identify your requirements, requests, and technical as well. The essential document may directly impact the price quotation that you will get. You can download this template for use as reference document for your business. Using the template, you can determine the best quote for particular products. As well can use a request for qualifications to display potential supplier. To see whoever supplier can meet your requirements.
Blank request for quotation template
Using this this blank template may help you to create RFQ template more specific and professional. With this template you can manage your requests. Where all the technical as well specification, quotes and also includes the breakdown the costs for each item. The blank template having a unique features and using advance formulas that may help you to create best RFQ template. You can also print this template with any standard size paper.
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