In general contracting terms, what does the abbreviation "RFQ" stand for?

In general contracting terms, the abbreviation "RFQ" stands for "Request for Quote." This is a standard process used by organizations to invite suppliers or contractors to submit pricing proposals for specific goods or services. An RFQ is typically issued when the buyer knows exactly what they need and requires quotes to determine the most cost-effective option. It helps facilitate competitive pricing and can assist in the selection of vendors or subcontractors based on their financial proposals.

Understanding this term is essential for anyone in the construction or contracting industry, as it is one of the primary ways to initiate procurement processes. Being familiar with the RFQ process also ensures that contractors can navigate and respond efficiently to opportunities in their field.