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 record is issued, vendor responses are logged in the RFQ record.

The RFQ is used for small or one-time requirements that do not require a contract. The project manager creates an RFQ record as the first step in the purchase cycle. The RFQ record contains the data that the vendors require to decide a response, including the required materials and the estimated budget.

After all responses are received and analyzed, the RFQ is awarded to the successful vendor and a purchase order is automatically created. When the RFQ is awarded to a vendor, a purchase order is created. This purchase activity is considered a onetime commitment for the project.