Trade and customs
RFQ (request for quotation)
Definition
A buyer's request asking suppliers to quote price and terms for a defined product, quantity and delivery.
A good RFQ names the exact product (name, CAS number, grade and key specification), quantity and packing, delivery destination and Incoterm, required documents, payment terms and the date you need the goods. The more precise the request, the more comparable the quotes.
On CompoundList, an RFQ is sent to up to 10 matching suppliers and your contact details stay masked until you accept a quote.
Related terms
- MOQ (minimum order quantity)The smallest quantity a supplier will accept for one order.
- Lead timeThe time from order confirmation until the goods are ready to ship or delivered, depending on how it is quoted.
- Incoterms 2020The ICC's eleven standard trade terms that set who pays for and bears the risk of each step of delivery.
- Proforma invoiceA preliminary invoice that sets out the offer before shipment, used to confirm the order, open an LC or make an advance payment.