Submitting a Quote in a RFQ Event

If you have received a public or private invitation to participate in a RFQ event as a supplier first you will have to log into the platform with your user name or email address registered and your password.

Once the user enters and goes to Sourcing —> Scheduled Events, will see all the open events including live, recently published, under evaluation, or awarded RFQ events.

In this tab the user will be able to find all the RFQ events the buyer user sent invitations to in case it is a private event. If it is a public event the supplier user will be able to find and participate without receiving any invitation.

The way a supplier user can participate in a RFQ event is by submitting a quote.

A quote is a formal response from a supplier or vendor to a Request for Quotation (RFQ) issued by a buyer. It outlines the cost, terms, delivery options, and other conditions under which the supplier agrees to provide the requested goods or services. This quote helps the buyer evaluate and compare different suppliers to make an informed purchasing decision.

If a supplier wants to submit a quote in a RFQ event has to go to the desired RFQ Event —> review event.

Step 1: Event overview

In this step user can review the details of the event (name, description, sourcing lots, delivery options, terms and conditions) and at the end of it can click on the "accept terms and participate" or "decline participation" button.

If supplier accepts, consent to the terms and conditions. This indicates a supplier’s intention to submit a proposal or a bid in responde to an RFQ. It is usually not binding in terms of obligating the party to submit a bid; rather, it is a preliminary indication of interest.

Making the acceptance of terms and conditions ensures that all potential suppliers acknowledge and agree to comply with the rules and requirements governing the RFQ.

When a RFQ goes live, invitations are sent, so the supplier user can also find the information in this notifications, and be able to follow the link to this first step of the supplier live console event overview.

Step 2: Quote Submission

To submit a quotation, after accepting terms and participating, the supplier user should go to quote submission.

Here supplier can see all the requested lot(s) information, such as lot items, expected delivery date, and price limit.

Supplier users can send a quotation, filling information for a delivery date, select a delivery option, and establish a quote price that has to be equal to or lower than the price limit established by the buyer.

If the quote performance chart is enabled, the supplier user is able to see a chart where anonymous quotes from different suppliers are compared, in real time. Supplier users can update the quote if wanted.

It is important to remember that all the quotations are made per lot. A single supplier company can send a quotation to only one lot or all the lots requested by the buyer. The evaluation process is made per lot.

If a RFQ buyer discards the quote received by a supplier, this user and company can not update o resend a quote in that event.

After supplier users send their quotation, may monitor the event until passes to evaluation status and remain attentive to notice if their quotation is selected or not.

After this the winner user will receive a supply agreement, which is a formal document that establish all the details and data of the event, such as lot and lot items information, delivery information (date, point, final destination) payment (agreed price, breakdown of costs and summary) and terms and conditions.

Related articles

Submitting a Quote in a RFQ Event

This article will guide suppliers through the process of submitting a quote. You will find step by step instructions and concepts involved when submitting a quote.

November 7, 2024
Managing Administrative Live Console

Once your RFQ event is live, this article will guide all the administrators of RFQ event through the managing of the live console. You will find step-by-step instructions and the main concepts involved to successfully monitoring your event.

November 19, 2024
Creating RFQ Events

This article is a guide for all the users who want to create a RFQ Event. It will guide you through all the steps and concepts involved you need to understand to create a successful Request for Quotation event

November 19, 2024