RFQ checklist and quote comparison template
A request for quotation only produces comparable quotes if the request is complete. Use this checklist before you send an RFQ, and the template below to compare the responses on the same basis.
1. Define the requirement
- Describe the goods or services, with specifications, quantities, and units of measure.
- State quality standards, certifications, or samples required.
- Set the delivery location, delivery date, and any phased delivery schedule.
- Note the expected contract duration or order frequency, if recurring.
2. Set the commercial terms
- Specify the currency and whether prices should include taxes, freight, and packaging.
- State payment terms and any early-payment discount you will consider.
- Define price validity: how long the quoted price must hold.
- Include warranty, returns, and penalty or liquidated-damages terms where relevant.
3. Choose the suppliers
- Invite only suppliers who are qualified for the category and able to supply the volume.
- Check that supplier records and compliance documents are current.
- Include enough suppliers for genuine competition, without inviting ones you would not award to.
4. Set the rules and timeline
- Give a clear submission deadline and a time for clarification questions.
- Share clarification answers with every invited supplier, not just the one who asked.
- Say how quotes will be evaluated: price only, or weighted criteria with the weights stated.
- Keep responses sealed until the deadline passes.
5. Evaluate and award
- Normalize quotes on the same basis before comparing: same quantity, currency, taxes, and delivery terms.
- Score technical criteria first if they decide who is eligible.
- Record the reason for the award, especially if it is not the lowest price.
- Notify all suppliers of the outcome and convert the award into a purchase order or contract.
Supplier quote comparison template
Copy this table into a spreadsheet. Set a weight for each criterion before quotes arrive so the evaluation is not shaped by the responses, then score each supplier and total the weighted score.
| Criterion | Weight | Supplier A | Supplier B | Supplier C |
|---|---|---|---|---|
| Unit price (normalized) | ||||
| Taxes and freight included? | ||||
| Total landed cost | ||||
| Delivery lead time | ||||
| Payment terms | ||||
| Price validity | ||||
| Quality / certifications | ||||
| Warranty and returns | ||||
| Past performance or references | ||||
| Weighted score |
Frequently asked questions
What should an RFQ include?
A complete specification, quantities, delivery requirements, commercial terms such as currency and payment terms, a submission deadline, and the criteria you will use to evaluate quotes. The more precisely the requirement is defined, the more comparable the responses are.
How many suppliers should receive an RFQ?
Enough for real competition, commonly three to five qualified suppliers, though the right number depends on the category and how many suppliers can actually meet the requirement.
Should the lowest quote always win?
Not necessarily. When quality, delivery reliability, or technical fit matter, a weighted comparison gives a better overall decision than price alone. Record the reasoning either way so the award can be explained later.
Run RFQs and compare quotes in one system
Krayuv handles RFQ creation, supplier invitations, sealed quotations, and weighted comparison — carrying the award through to a purchase order.