A Request for Quotation (RFQ) is a formal request sent to the suppliers to find the pricing and other information for an item or items. BASED on the information supplied, the supplier quotes a quotation against the RFQ form.
In general, RFQ’s are created before purchasing any item to actually know the price quotes from one or more suppliers.
In Oracle EBS, RFQ’s can be auto created from an existing Purchase Requisition or can be a fresh RFQ.

There are three types of quotations and RFQs that come with Purchasing by default:

Catalog: USED for high-volume items or items for which your supplier sends you information regularly. A Catalog quotation or RFQ also INCLUDES price breaks at different quantity levels.

Standard: Used for items you’ll NEED only once or not very often, but not necessarily for a specific, fixed quantity, location, and DATE. For example, you could use a Catalog quotation or RFQ for office supplies, but use a Standard quotation or RFQ for a special type of pen you don’t order very often. A Standard quotation or RFQ also includes price breaks at different quantity levels.

Bid: Used for a specific, fixed quantity, location, and date. For example, a Bid would be used for a large or expensive piece of equipment that you’ve never ordered before, or for an item that incurs transportation or other special costs. You cannot specify price breaks for a Bid quotation or RFQ.

A Request for Quotation (RFQ) is a formal request sent to the suppliers to find the pricing and other information for an item or items. Based on the information supplied, the supplier quotes a quotation against the RFQ form.
In general, RFQ’s are created before purchasing any item to actually know the price quotes from one or more suppliers.
In Oracle EBS, RFQ’s can be auto created from an existing Purchase Requisition or can be a fresh RFQ.

There are three types of quotations and RFQs that come with Purchasing by default:

Catalog: Used for high-volume items or items for which your supplier sends you information regularly. A Catalog quotation or RFQ also includes price breaks at different quantity levels.

Standard: Used for items you’ll need only once or not very often, but not necessarily for a specific, fixed quantity, location, and date. For example, you could use a Catalog quotation or RFQ for office supplies, but use a Standard quotation or RFQ for a special type of pen you don’t order very often. A Standard quotation or RFQ also includes price breaks at different quantity levels.

Bid: Used for a specific, fixed quantity, location, and date. For example, a Bid would be used for a large or expensive piece of equipment that you’ve never ordered before, or for an item that incurs transportation or other special costs. You cannot specify price breaks for a Bid quotation or RFQ.