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Request for quatation
They are two different tools.
If we know exactly what we need we will send an RFQ.
If we really don't know exact items or services we always send request for info. Or Rfp.
Request for Quotation (RFQ): A solicitation document that describes the requirements quantitatively and qualitatively and requests prices and commercial terms from vendors, for goods that meet neutral specifications and are usually readily available on the market.
Request for Proposals (RFP): A solicitation document designed to obtain proposals for services to satisfy a requirement that cannot be described in a complete or definitive manner. An RFP leads to the selection of the proposal that offers the best value in accordance with the pre-defined evaluation criteria. Where appropriate, the RFP will indicate that negotiation may be undertaken in respect of the preferred proposal.
RFP( Request for proposal) covers the whole offer for a complete project , while RFQ(Request for Quotation) refers only to the price aspect of a specific supply
An RFP is released to the potential vendors to Bid for a particular service. The Bid includes the bidder's Technical and Commercial proposal in order to provide the technical proposal to the proponent (end user) and the commercial will be held by the procurement team in order to evaluate on the grounds of fair contracting and procurement policies.
An RFQ is released in order to procure a simple material requirement wherein the technicality is only the material specification.
An RFP (Request for Proposal) is used for services or complex products where quality, service or the engineered final product will be different from each vendor that is responding.
Request for Quotation (RFQ)An RFQ is used for commodities, simple services or straightforward/uncomplicated parts with little or no room for product or service differentiation between responding vendors. Negotiation points could include: delivery schedules, packaging options, etc.
In the construction arena ..........
RFP is typically a proposal for overall services given a specific outline specification
RFQ is typically a Quotation for additional work or will be used in writing a change order
The difference is that an RFQ is asking you to specify how much you will charge to perform a task and an RFP is asking you to specify how you would solve the problem and how much you would charge for implementing your solution.
When the entity of the services we intended to do remain unknown we request for proposal we invite respective vendor to share ideas on how to carry the task which simply mean the specification were unknown
RFQ is well known and basics of PO
RFP will involve a project that will involve different types of materials/maintennace/supply as a lumpsum, so this type is usually for the EPC contractors who will estimate/evaluate the project cost and submit there proposal(it usually involved many scopes of supply). on the other hand RFQ usually requires a smaller scope of supply/service/material and its open to companies who have the service/material/supply.
RFQ - Request for Quotation - which is include materials or equipments or any commodities - Qty. and performance already decided before.
RFP - Request for Proposal - Which is include service for project, like sub contract work or engineering service etc. - Qty. and performance should be decided upon receive proposal.
