A request for price (RFQ) is a standard business process whose purpose is to invite suppliers to a selection process to communicate the price at which they would be willing to supply a specific product or service. An RFQ is generally used for simpler and smaller purposes[1]​ than a tender (ITB, ITT, IFB or RFT).

An RFQ typically involves more than per-item pricing. Throughout the selection process, information on payment terms, quality level or contract duration may also be required.

To make the prices received comparable, the RFQ often includes specifications of the products or services, thus ensuring that all suppliers are bidding on the same thing. Logically, the more detailed these specifications are, the more accurate and comparable the prices received will be. Another reason to be detailed when formulating an RFQ is that the specifications could be used by suppliers as legally binding documentation.

The ubiquitous availability of the Internet has caused many state agencies to resort to pages, either operated by the State (contracting portals) or by suppliers, that provide lists of RFQs as well as requests for information (RFI) and requests for proposals (RFP). Many agencies allow providers to register for free on these pages and then receive emails notifying them of requests that those providers may be interested in fulfilling. In some cases the entire process is done online, uploading scanned or PDF documents to the server. In other cases, or for legal reasons, a physical copy of the response on CD, DVD or USB memory must be sent by conventional mail or courier.

Suppliers have to send their response before the set date and time. There may be conversations to clarify technical capabilities or possible errors in the RFQ. The offer does not have to mean the end of the selection process. Multiple rounds or even a reverse auction can occur to generate the best market price.

RFQs are best suited to products and services that are as standardized and as conventionally and widely supplied as possible (for example iron, steel, methane, ethylene, electricity or natural gas, but not complex electronic circuits or large commercial vehicles). This makes the prices communicated by suppliers comparable. In practice, many companies use an RFQ in cases where a tender (ITB, ITT, IFB or RFT) or a request for information (RFI) would be more appropriate.[2]​.