What is the formal document requesting pricing information for specific requirements known as?

The formal document requesting pricing information for specific requirements is known as a request for quote (RFQ). An RFQ is typically used when a buyer has a clear understanding of their needs and is looking to obtain price quotes from various suppliers for the specified products or services. This document outlines the specific criteria and quantity needed, allowing suppliers to provide a detailed and competitive pricing response.

In contrast, a request for proposal (RFP) is used when a buyer seeks not only pricing but also other relevant information such as how the supplier plans to fulfill the project requirements, potentially involving creative solutions, methodologies, or technical approaches.

A request for bid (RFB) generally pertains to a more formal and structured solicitation process, often associated with competitive bidding for larger contracts, where suppliers submit their bids, and the focus is on the lowest price.

A request for information (RFI) is often preliminary in nature, aimed at gathering general information about suppliers and their capabilities rather than specific pricing.

Overall, the RFQ is specifically tailored for situations where the main concern is getting cost estimates for defined goods or services, making it the appropriate choice for this question.