Definitions for "RFQ"
A request for market information by the government, used for planning purposes.
a written request for prices for services or supplies anticipated to be under the sealed bid dollar threshold of $25,000. Normally does not include the clauses integral to larger contracts.
Requests For Quotes
An invitatiion to selected supplies to make an offer to supply goods or services. An RFQ is used for low value purchases.
Keywords:  flex, personnel, sub, submitting, floor
When a flex option is executed, the process of clearing a flex option is done in a separate flex sub-system. Flex options are executable by submitting an RFQ to trading floor personnel.
Keywords:  fairly, vendors, broad, sent, prepared
A document prepared by a buyer defining his needs for service and equipment in fairly broad terms and sent to one or several vendors.