an RFQ is normally sent out when a requisition is received for goods and services valued at less than $25,000. The bid documents are kept simple so that the contract can be awarded quickly.
Invitation to suppliers to bid on relatively short-term projects or inexpensive products. As with RFPs, RFQs can be posted on potential purchaser or lead generation Websites.
Often used synonymously with RFP, but may involve a final price quotation request for a precise set of requirements.