Construction Glossary
RFQ (Request for Quote)
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.
What Is RFQ (Request for Quote)?
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.
Example
An RFQ example could be a school district asking contractors for price quotes to construct new classroom buildings based on provided specifications.