Request for Quotation (RFQ) — Plain English Definition + Examples

Definition

A Request for Quotation (RFQ) is a price-only request for a tightly-defined, well-understood specification — 'quote me 100 rooms × 2 nights, no meetings, no F&B, just BAR rate.' Unlike an RFP, only price and availability matter.

In day-to-day European MICE and procurement work, request for quotation (rfq) sits inside a broader workflow that includes the brief, the longlist, the shortlist, the contract negotiation, and the post-event reconciliation. Understanding it in isolation is not enough — what matters is how it interacts with the other levers a planner or procurement team can pull. The definition above is the textbook version; the sections below explain how it actually behaves in real sourcing.

Why Request for Quotation (RFQ) matters

When the brief is genuinely commoditised — accommodation-only group blocks, recurring annual buyouts, transient corporate stays — running a full RFP wastes everyone's time. A structured RFQ produces comparable apples-to-apples pricing in 24-48 hours and lets planners move on to the events that actually need design.

The practical takeaway: planners and procurement teams who get request for quotation (rfq) right typically see measurable improvements in either cost, risk exposure, or cycle time — sometimes all three. Teams who default to the supplier's standard language usually leave 5-15% of total event value on the table, often without realizing it. The skill is recognising request for quotation (rfq) when it appears, knowing the market-standard range, and treating any deviation from that range as a negotiation point — not a take-it-or-leave-it.

Example

A finance firm needs 60 rooms × 3 nights in central London for an internal training. No meeting space, no F&B. The planner sends an RFQ to 5 pre-approved hotels asking only for BAR rate, group rate, attrition allowance, and cancellation grid. Responses arrive within 24 hours; the cheapest qualifying option wins.

This example is representative of mid-to-large European corporate MICE — pharma, finance, tech, professional services. Smaller events (under 50 attendees) and very large events (1,000+) often follow different conventions, but the underlying logic of request for quotation (rfq) stays the same. The numbers move, the principle doesn't.

Where Request for Quotation (RFQ) appears in contracts

RFQ responses become the price exhibit in the contract. Because the spec is narrow, RFQ-driven contracts are typically 3-5 pages instead of the 15-20 pages of an event RFP contract.

When reviewing a hotel proposal or contract draft, scan for request for quotation (rfq) early — it's often easier to negotiate before the supplier has anchored on their preferred position. Easy RFP surfaces these terms in every comparison view so planners can spot deviations from market-standard ranges at a glance, rather than reading 14-page proposals line by line.

Related terms

Deeper reading