Request for Quotation (RFQ) Form Template

Request for Quotation (RFQ): Definition & Legal Status

A Request for Quotation (RFQ), also commonly referred to as a quote request or vendor quotation form, is a formal procurement method used to invite suppliers to submit pricing and terms for specific goods or services. While an RFQ clearly states the conditions and scope of what the buyer intends to purchase, it is not legally binding. A binding contractual obligation arises only when the buyer issues a formal Purchase Order or executes a Contract with the chosen supplier.

How to Use the RFQ Form Effectively

Using a standardized RFQ template is beneficial for efficiently managing procurement activities, especially small tenders Follow these key steps:

1. Detail Clear Specifications: Include precise descriptions and specifications along with any necessary data sheets for every item. Clear documentation helps suppliers accurately price their offers.

2. Uniform Quotation Form: Employ a structured RFQ form that includes an itemized Bill of Quantities (BOQ), clearly listing each item, unit price, quantity, applicable discounts, and total prices. This allows straightforward comparison between multiple vendor quotations.

3. Set Submission Deadlines and Validity: Clearly state the deadline by which suppliers must submit their quotations and the required validity period (e.g., "Quotation valid for 90 days from submission"). This ensures timely decision-making.

4. Request Necessary Compliance Statements: Require suppliers to submit a compliance statement confirming adherence to the technical and commercial conditions detailed in the RFQ. This can also include bid bond commitments and future bonding capabilities.

5. Include Essential Attachments: Ensure suppliers include all necessary documentation such as drawings, manufacturer data sheets, and any other attachments required to fully evaluate their offers.

6. Vendor Selection Criteria: Clearly outline your evaluation criteria (such as price competitiveness, delivery schedule, warranty terms, and technical conformity) upfront in the RFQ to streamline vendor assessment.

Request for Quotation (RFQ) Form Template

Download Your RFQ Form

Select and download the RFQ template format that suits your procurement process best:

• RFQ Template in PDF

• RFQ Template in Excel

• RFQ Template in Word

• RFQ Form in WebP

Customize the downloaded RFQ template by inserting your company's details, issuing date, unique RFQ number, and logo to clearly communicate your brand and maintain professionalism in procurement activities.

Next Steps After Issuing an RFQ

Upon distributing the RFQ:

1. Receive and review quotations: Utilize the submitted information to conduct a clear and fair evaluation.

2. Select and notify chosen supplier: Issue an official Purchase Order or formal Contract to initiate legal obligations.

3. Archive records: Maintain organized records of all RFQ submissions and communications for audit and future reference.

By effectively utilizing a standardized RFQ form, you streamline your procurement process, reduce misunderstandings with suppliers, and ultimately enhance procurement efficiency and clarity.

"This RFQ template aligns with best practices and standards set forth by international guidelines, including ISO 20400 for Sustainable Procurement and ISO 9001 for Quality Management Systems, ensuring fair, transparent, and efficient procurement processes."

References and Standards

• ISO 20400:2017 – Sustainable Procurement

  • International Organization for Standardization (ISO). (2017). ISO 20400:2017 Sustainable procurement – Guidance. Retrieved from https://www.iso.org/standard/63026.html.

• ISO 9001:2015 – Quality Management Systems

  • International Organization for Standardization (ISO). (2015). ISO 9001:2015 Quality management systems – Requirements. Retrieved from https://www.iso.org/standard/62085.html.

• FIDIC – Procurement and Contracts Guidelines

  • International Federation of Consulting Engineers (FIDIC). (2023). FIDIC Guidelines and Standards for Procurement. Retrieved from https://fidic.org.

• World Bank Procurement Regulations

  • The World Bank. (2021). Procurement Guidance and Regulations. Retrieved from https://www.worldbank.org/en/projects-operations/products-and-services/procurement-projects-programs.