Our Request for Quotation’s (RFQ’s) is a type of procurement solicitation and standard business procedure to invite our registered vendors and new supply agents into an agro commodity supply process to quote on specific commodity or service. We use this platform to receive correct quotations from time to time; an RFQ document provides comprehensive information to the vendor/supplier concerning the requirements. The RFQ is typically broken into four sections: the preparation phase, processing phase, awarding phase, and the closing phase. The RFQ document includes payment terms, factors influencing quote selection, bid submission deadline, and other necessary information required for quote consideration. The company will award the order to the vendor/supplier that meets the qualifying criteria and who submits the lowest quote. After the RFQ process, our procurement department normally conducts a board discussion to determine the fair market value of the commodity/service.
Discussions may be held on the quotes (often to clarify technical, financial and delivery capabilities). A quote received in response to an RFQ is not final, and the company cannot use it to create a binding contract. The purchase order is an offer from the company to a vendor/supplier to purchase commodity or service according to specific terms and conditions. The company awards the purchase order when a vendor accepts the offer. Click here for RFQ Request