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A request for quotation, also known as an invitation to bid, is a document that details the company’s requirements for a specific product or service. It is a formal document that requests potential suppliers to provide descriptions of their products or services, including the prices and terms. In this way, the company can compare prices and terms. Aside from gaining valuable information, the request for quotation is also useful in terms of record keeping. Many companies use this document to show their internal auditors that all purchases comply with the standard purchasing procedures.
If you are a business owner or purchasing manager, you must practice using requests for quotations in all your purchasing transactions. If making this document is an additional workload to you, then you can go over Template.net’s collection of request for quotation templates. With these templates, you don’t have to waste so much time drafting your request for quotation. These templates are professionally-designed with pre-written content that you can use as a guide. Customizing these templates takes minimal effort because Template.net has a built-in editor tool, which is quite convenient to use. You don’t have to be an expert graphic designer to use this editor tool.
Start browsing Template.net’s request for quotation templates now! Pick the one that will fit in your industry or company and start customizing using Template.net’s editor tool. Once you complete customizing, just hit download to save it in Microsoft Word, Microsoft Excel, Google Docs, or other formats.
The difference between the two documents depends on what the business requires. The RFQ specifies the product or service requirements while RFP is mostly used during the bidding process.
You can use a request for quotation when you want to know the price of a certain product or service.
Mostly, the procurement and business managers.