What is an RFQ or an IFB?
RFQ is short for “Request-for-Quote” and IFB is short for “Invitation-for-Bid”, both of which are, in essence, a detailed description of a Buyer`s need for materials, products or services. They can include detailed descriptions, formal bid documents, shipping information, dates, times and even terms and conditions. Once a list of pre-determined and pre-approved suppliers is identified, the RFQ/IFB is sent out requesting their participation to bid in the online event. Suppliers will use this RFQ/IFB, which will be available online, to determine if they can supply the product or service, given the specifications the Buyer has outlined in the RFQ/IFB. This makes it very important for the Buyer to be as detailed as possible when creating the RFQ/IFB.
