How RFQs Help with Cost Management
RFQs are essential for obtaining competitive pricing, allowing contractors to make informed decisions when purchasing materials or services. By requesting multiple quotations, contractors can compare prices and select the best value for their project, ensuring that costs stay within budget.Best Practices for Using RFQs
When issuing an RFQ, contractors should provide detailed specifications for the materials or services required to ensure accurate quotes. RFQs should be sent to multiple suppliers to obtain a range of pricing options. Keeping detailed records of all RFQs can help with budgeting and procurement planning.Related Terms: Purchase Order (PO) (PO), Supplier