Requests for quotes

The request for quote (RFQ) record is used to select a vendor for purchasing products or services for a project. When the RFQ is issued, vendor responses are logged in the RFQ record.

The RFQ is typically used for small or one-time requirements where a contract is not needed. When all responses are received and analyzed, the RFQ is awarded to the successful vendor and a purchase order is automatically created. This purchase activity is considered a one-time commitment for the project.

As the first step in the purchase cycle, the project manager creates an RFQ record. The RFQ record contains the data that the vendors require to decide a response, including the required materials and the estimated budget. When the RFQ is awarded to a vendor, a purchase order is created.