A Request for Quotation (RFQ) is a formal request sent by a manufacturer or purchasing department to potential suppliers, asking for price quotes, delivery terms, and other relevant details for specific materials, components, or services. RFQs typically include technical specifications, quantities, and deadlines, allowing suppliers to submit competitive bids. The RFQ process helps manufacturers assess cost, quality, and lead time before making a purchasing decision. For example, a manufacturer may issue an RFQ for custom machined parts, asking suppliers to provide detailed pricing based on their capabilities and materials. By comparing RFQs from different suppliers, companies can ensure they are getting the best value, maintain budget control, and streamline the procurement process.