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Supplier cost documents, a calculator and material samples, illustrating cost reduction

Request for quotation (RFQ) template

An RFQ form and price comparison sheet so every supplier quotes on exactly the same basis.

A request for quotation (RFQ) asks suppliers to price a clearly defined item or service. It works best when you already know exactly what you need, such as a packaging specification, a component drawing or a fixed scope of work, and the main question is cost.

Quotes are only comparable if suppliers price the same thing. This template fixes the specification, quantities, delivery terms and payment terms up front, then gives you a comparison sheet that shows unit prices, tooling, lead times and total cost side by side.

Free to download. Available as Excel and Word.

What's included

  • RFQ cover document with instructions and deadline
  • Line-item specification and quantity table
  • Delivery terms (Incoterms), payment terms and validity fields
  • Supplier price response sheet
  • Comparison sheet with total cost by supplier
  • Lead time, minimum order quantity and tooling columns

How to use this template

  1. Write the specification for each item, including drawings or samples where relevant.
  2. Enter annual and per-order quantities so suppliers can price volume breaks.
  3. State the delivery terms, payment terms and the date quotes must be valid until.
  4. Send the same RFQ to each supplier and answer all questions to every bidder.
  5. Paste the responses into the comparison sheet and check total cost, not just unit price.

Frequently asked questions

Use an RFQ when the specification is fixed and suppliers are competing mainly on price. If you want suppliers to propose different solutions, an RFP is more suitable.

Incoterms set who pays for freight, insurance and duty and where risk passes. Two quotes on different Incoterms are not comparable, so fix one basis in the RFQ.

Three quotes is a common minimum for meaningful competition. For higher value items it can be worth approaching more suppliers, particularly in new markets.

Need help putting this into practice?

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Related templates

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RFI template

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A request for information that helps you learn the market and build a shortlist before you tender.

View template: RFI template

Last updated 22 October 2026