An RFQ, or Request for Quotation, is a formal document used by organizations to solicit price quotes from suppliers for specific products or services. It outlines the requirements and specifications needed, allowing vendors to provide detailed pricing and terms. This process helps businesses compare options and make informed purchasing decisions. Typically, an RFQ is used when the buyer has a clear understanding of what they need and is looking for competitive pricing. It is common in industries such as construction, manufacturing, and procurement, where multiple suppliers can offer similar products or services.