Build a Working Capital Strategy that Strengthens Your Financial Future:
Also referred to as an invitation for bid (IFB), it is a document through which project owners request contractors to submit price bids and quotes for exact project specifications.
A Request for Quote (RFQ) is a formal document that is used to solicit price quotations from contractors for specific project specifications. Unlike RFPs, RFQs focus primarily on the cost and terms of service rather than detailed project proposals. They are often used when the scope of work is well-defined, allowing contractors to provide accurate pricing for materials and labor based on established specifications.
An RFQ example could be a school district asking contractors for price quotes to construct new classroom buildings based on provided specifications.
