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eRequest for Quotation                            Return to eTFP

BOA + Data = QTO

Request for Quotation

The Request for Quotation is the buyer’s request to the seller for a price quotation for goods and services.  The Request for Quotation is used as the formal request from a buyer to a seller for the price of goods and services.  It becomes the basis for the buyer’s Purchase Order to the seller.

eRequest for Quotation Trade Function

The eRequest for Quotation (RFQ) is the electronic document equivalent of the Request for Quotation.  It is created using the same information generated by the buyer.  It is used for electronic presentation of a request for quotation.

Discussion

The RFQ starts the sales process toward quotation, purchase order, method of payment, shipment and settlement.  Since the cost of goods is a function of the cost of shipping and settlement, the terms of sale should be decided in the Basic Ordering Agreement so they may be included both in the RFQ and the QTO.