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The RFQ Process in 6 steps Definition of the products or services required with detailed specifications. Delivery requirements. Quantities. Payment terms. The proposed method of evaluation. Decision timeline and review process. Contract terms and conditions. Submission requirements.

The main difference between RFP and RFQ is that an RFQ is sent when a business already knows what they want to purchase and only needs more information about the price, and an RFP is sent when a business needs more detailed information about the product or service itself.

A Request for Qualifications is used to identify a group of suppliers who meet a set of minimum qualifications in order to submit proposals for a planned solicitation. Only qualified suppliers are then permitted to submit proposals to the solicitation.

The purpose of an RFQ is to ensure that all suppliers provide the same information and that the company can compare apples to apples when it comes time to make a decision. This process can help save time and money and ultimately help the company procure the best possible goods or services.

The CMBL annual registration fee is $70 and may be paid online by credit, debit card, electronic check (U.S. addresses only) or by paper check at the address below. View a list of CMBL status codes.

(23) Vendor Identification Number (VID)--A 13-digit identification number used in state government to identify the bidder or business for payment or award of contracts, certification as a HUB, and on the bidders list. (24) Work--Providing goods or performing services pursuant to a contract.