A Request for Quotation (RFQ) is a formal document used by organizations to solicit price quotes from suppliers for specific products or services. It outlines the requirements, specifications, and quantities needed, allowing vendors to provide competitive pricing. This process helps businesses compare offers and make informed purchasing decisions. Typically, an RFQ is sent to multiple suppliers to encourage competition and ensure the best value. Once the quotes are received, the organization evaluates them based on price, quality, and delivery terms. This method is commonly used in procurement processes across various industries, including manufacturing and construction.