A request for quotation template is a procurement document used to solicit competitive price quotes from pre-qualified suppliers for clearly specified goods, services, or materials with well-defined requirements. According to the Project Management Institute (PMI), the request for quotation (RFQ) is a procurement solicitation document used in the Procurement Performance Domain of PMBOK 8 when the scope of work is sufficiently defined that vendors can provide a firm price without proposing a solution. The RFQ differs from the Request for Proposal (RFP) in that it is price-focused rather than solution-focused, used when the buyer already knows exactly what is needed.

What is a Request for Quotation?

A request for quotation template is a formal document sent to potential suppliers requesting a specific price for a defined quantity of goods or services. The RFQ is used when requirements are clear, standards are well-established, and the primary selection criterion is price. Unlike the RFP, which invites vendors to propose their approach, the RFQ tells vendors exactly what is required and asks only for the price and delivery terms. In PMBOK 8, the RFQ is one of three main procurement solicitation documents, alongside the Request for Information (RFI) and Request for Proposal (RFP), and is selected based on the sourcing strategy and the level of specification certainty.

What's Included in This Request for Quotation Template?

• Project and Procurement Background - Context about the project, the organizational unit issuing the RFQ, and the business purpose of the procurement, giving vendors the information needed to submit an accurate quote.
• Detailed Technical Specifications - Complete technical specifications for each item or service being quoted, written with enough precision that all vendors are quoting on identical requirements, enabling true price comparison.
• Quantities and Units of Measure - Exact quantities, units, and any volume tolerance ranges, ensuring quotes are comparable and that order quantities are clearly understood by all bidders.
• Delivery Requirements - Required delivery date, delivery location, packaging requirements, shipping terms (Incoterms), and any phased delivery schedule if applicable.
• Quote Format Requirements - Required breakdown of the quote (unit price, total price, taxes, freight, installation), format for submission, and any mandatory certifications or compliance documentation.
• Evaluation Criteria - The criteria used to compare quotes, typically price-focused but may include delivery lead time, warranty terms, and supplier qualifications.
• Submission Instructions - Deadline for quote submission, contact person for technical clarification questions, submission format, and any supplier qualification requirements.
• Terms and Conditions - Standard contractual terms that will govern the purchase order, including payment terms, warranty provisions, and liability limitations.

How to Use This Request for Quotation Template (PMBOK 8)

1. Use the RFQ only when specifications are complete and fixed - The RFQ is appropriate when you know exactly what you need. If requirements are still being defined or if you want vendors to propose solutions, use an RFP instead. Issuing an RFQ with incomplete specifications produces incomparable quotes.
2. Pre-qualify vendors before issuing the RFQ - Limit the RFQ distribution to suppliers who meet baseline qualification criteria. Receiving quotes from unqualified vendors wastes evaluation time and may create procurement governance issues.
3. Request itemized quotes, not lump sums - Itemized pricing allows comparison of individual components, negotiation on specific line items, and identification of unreasonable markups. Lump-sum quotes are opaque and difficult to evaluate.
4. Allow adequate time for vendors to respond - Complex technical RFQs require lead time for vendors to prepare accurate quotes. Unrealistically short response windows result in higher prices (vendors build in uncertainty buffers) and fewer responses.
5. Document the evaluation and selection process - Record how each quote was evaluated and why the selected vendor was chosen. Documented evaluation protects the organization in the event of a procurement challenge.
6. Clarify ambiguities before the submission deadline - Distribute clarification questions and answers to all bidders simultaneously to maintain fairness. Answering one vendor's question privately and not sharing it with others is a procurement governance violation.

When to Create This Document (PMBOK 8)

The request for quotation is created during the Plan Sourcing Strategy process, after the sourcing strategy has confirmed that external procurement is required and the make-or-buy analysis favors buying. In PMBOK 8, the RFQ is issued after the procurement documents are prepared as part of the Procurement Performance Domain planning activities. The timeline for the RFQ process should be built into the project schedule to ensure vendor selection is completed before the goods or services are needed.

Related Templates

• Sourcing Strategy Plan Template
• Statement of Work Template
• Request for Proposal Template
• Project Management Plan Template
• Risk Register Template