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Request for Quotation (RFQ) Supplier guidance Authorized by: Corporate ProcurementVersion: 1Issue date: June 2016LBTH Supplier Request for Quotation (RFQ) How to Guide Dear Supplier, Welcome to Laths

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How to fill out request for quotation rfq

01

Step 1: Start by gathering all the necessary information about the product or service you need to request a quotation for. This includes specifications, quantities, and delivery requirements.

02

Step 2: Identify potential suppliers or vendors who are capable of providing the product or service. You can search online directories, ask for recommendations from colleagues or industry contacts, or use a supplier database.

03

Step 3: Create a request for quotation (RFQ) document. This should include details such as the product/service description, quantity, quality requirements, delivery timeline, payment terms, and any other relevant information.

04

Step 4: Send the RFQ to the selected suppliers/vendors. You can typically email it or use an online platform for sending RFQs.

05

Step 5: Give the suppliers/vendors a reasonable deadline to submit their quotations. This allows them enough time to prepare and provide accurate and competitive pricing. Consider providing clarification or answering any questions they may have during this time.

06

Step 6: Evaluate the received quotations based on factors such as price, quality, delivery time, reputation, and any additional criteria specific to your needs. You may also want to negotiate or request revisions if necessary.

07

Step 7: Choose the supplier/vendor that best meets your requirements and negotiate the final terms and conditions. Ensure clarity on pricing, payment terms, warranty, after-sales support, and any other relevant aspects.

08

Step 8: Once the agreement is reached, issue a purchase order or contract to the selected supplier/vendor. Make sure to include all the agreed-upon terms and conditions.

09

Step 9: Monitor the supplier/vendor's performance and ensure timely delivery and compliance with the agreed-upon terms. Address any issues or concerns promptly.

10

Step 10: Keep a record of the RFQ process, including the quotations received and the selected supplier/vendor's information. This can help with future reference and vendor evaluation.

Who needs request for quotation rfq?

01

Any individual or organization looking to purchase goods or services in a competitive manner can benefit from a request for quotation (RFQ).

02

Businesses across various industries, including manufacturing, construction, hospitality, healthcare, and retail, often use RFQs to gather competitive pricing and select suppliers/vendors.

03

Procurement departments or professionals responsible for sourcing and purchasing can initiate and manage RFQ processes.

04

Government organizations, non-profit organizations, and educational institutions may also use RFQs to ensure fair and competitive procurement processes.

05

It is important for those in need of specific goods or services to have a clear understanding of their requirements and ensure proper documentation and evaluation during the RFQ process.

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What is request for quotation rfq?

Request for Quotation (RFQ) is a document used in procurement to invite suppliers to submit a bid for the supply of goods or services.

Who is required to file request for quotation rfq?

The purchasing department or procurement team is usually responsible for filing the Request for Quotation (RFQ).

How to fill out request for quotation rfq?

RFQs are typically filled out by detailing the requirements for the goods or services needed, along with any specific terms and conditions.

What is the purpose of request for quotation rfq?

The purpose of an RFQ is to gather competitive bids from potential suppliers in order to select the best offer for the required goods or services.

What information must be reported on request for quotation rfq?

RFQs should include details such as the quantity of goods or services needed, delivery requirements, quality standards, and payment terms.

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