A request for quote (RFQ), also known as an invitation for bid (IFB), is a process in which a company solicits select suppliers and contractors to submit price quotes and bids for the chance to fulfill certain tasks or projects. Detailed explanations to RFT, RFP, RFQ, RFI. While they may seem similar, a request for information (RFI), a request for quotation (RFQ) and a request for proposal (RFP) all have different. A request for quotation (RfQ) is a business process in which a company or public entity. It's become an umbrella term that's applied to RFPs, RFIs, and RFQs. What is the full form of RFQ ? Abbreviation : RFQ.