“Request for Quote/Information/Price (RFQ/RFI/RFP)” is a formal process where a company or customer solicits information, prices, or a detailed quotation for specific products or services to fulfill their requirements. An RFQ is typically used when the buyer has a clear understanding of what they need and seeks competitive bids from potential suppliers. An RFI is employed when the buyer wants to gather information and understand the capabilities of different vendors before proceeding with a formal RFQ. An RFP, on the other hand, involves a more comprehensive request that includes detailed specifications, scope of work, and evaluation criteria. These requests enable companies to gather crucial information, compare offerings, negotiate terms, and make informed decisions when selecting suppliers to meet their needs effectively.

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