What is the main purpose of a "request for quote" (RFQ)?

The main purpose of a "request for quote" (RFQ) is to solicit price offers from suppliers for specific goods or services. An RFQ is typically used when the buyer knows what they need and wants to gather estimates from various vendors to compare pricing and terms. This helps in making an informed purchase decision based on the financial aspects of the offerings.

In the context of procurement, the RFQ process allows organizations to communicate their requirements clearly and seek responses that detail the cost, delivery timelines, and any other pertinent information from potential suppliers. This is essential for budgetary planning and ensures that the buyer can identify the most competitive offer.

The other options, while related to procurement and contracting processes, do not accurately represent the primary function of an RFQ. For instance, requesting proposals for project completion pertains more to a "request for proposal" (RFP), which seeks comprehensive project plans rather than just price quotes. Finalizing terms between parties typically occurs after a price is agreed upon and would be part of contract negotiation. Evaluating past quotes from suppliers does not align with the immediate purpose of an RFQ, which focuses directly on obtaining new quotes rather than assessing previous submissions.