Last updated on Sep 12, 2024

What are the key elements to include in an RFQ to ensure a fair and transparent evaluation process?

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An RFQ or request for quotation is a document that invites potential suppliers to submit bids for a specific product or service. It is a common procurement method that helps buyers compare different offers and select the best one. However, to ensure a fair and transparent evaluation process, an RFQ needs to include some key elements that clearly define the scope, requirements, criteria, and timeline of the project. Here are six essential components of an effective RFQ.

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