Invitation to Quote (Also referred to as a Request for Quotation/RFQ)

An invitation to quote (ITQ) is a form of competitive bidding issued to qualified suppliers that meet the requirements of a project’s scope. A contract resulting from an ITQ is typically awarded to the lowest bid received from a supplier, provided that the deliverables meet the project’s standards. The ITQ process is considered to be less formal than other forms of competitive bidding, such as an invitation to tender. A supplier’s response to an ITQ creates a contract “A” arrangement between both parties. On Tradogram, a flexible request form can be used as an invitation to quote for one or more relevant supplier parties.