Comparative Statement
A table comparing supplier offers side by side.
Procurement
RFQ Glossary: Request for Quotation
Terms for asking suppliers for prices and comparing their offers.
5 terms · Updated 12 November 2026
C2 terms
Contract Award
Selecting the winning supplier and confirming the deal.
L1 term
Lead Time
The time between placing an order and receiving the goods.
Q1 term
Quote Validity
The period for which a supplier's price stays valid.
R1 term
RFQ
Request for Quotation. A request sent to suppliers asking for prices and terms on required items.
No matching terms found.
Explore other glossaries
Vendor Registration Glossary Auction Tool Glossary ← Back to Procurement All glossariesSee these concepts in a working system
A working session with the team that builds Bigsun ERP, using your own business processes.
Book a Demo