Evolution of the RFQ

by RFQ - Request for Quotation

Evolution of the RFQ:

Acronyms are becoming a part of everyday purchasing lingo. Here are just a few we are becoming accustomed to: TCO, RFQ, RFI, RFP, LOU, LOI, ABC, SPC. It does seem like every year there is a new term being introduced into the purchasing arena. For the experienced purchasing agent, the most familiar of the above terms would be the RFQ and it is a document which has evolved and become more complex over the years.

Well TCO is Total Cost of Ownership, SPC is Statistical Process Control and it is used in manufacturing, ABC relates to classification of your inventory and RFQ is a Request for Quote.   The good old RFQ which all of us COP’s – Crusty Old Purchasers understand very well as it was the only document utilized in early purchasing. A request for quote has been around the longest and in the old days everything went out or was issued as a request for quotation or quote. It was sometimes called an invitation to quote or invitation to tender and these both are part of the RFQ family.

Then came the RFP which is a request for proposal. This is where the vendor

Letter of Understanding (LOU) – Sample

by All TemplatesLetter of IntentSales Agreements

Sample Letter of Understanding -LOU:

If you find yourself in the position of purchasing a website, it’s content and the domain name or URL, this sample template will give you an idea of some specific points you will want to cover to ensure you are avoiding any potential misunderstandings. Also, keep in mind you can tailor this template for other LOU requirements.

SAMPLE LETTER OF UNDERSTANDING for acquisition of  [www.domainname[dot]com]

June 22, 2014

[name] [street address] [city, state and zip]

Dear[_____________________:]

This letter summarizes the understanding we have reached regarding the terms and conditions of sale of the website or (domain name) [________________]. To be certain this letter accurately reflects our understanding, please review the items below and indicate your understanding and agreement by signing on the signature line below.

Terms and Conditions of Sale

A. The agreement covers the outright sale of the domain and website content for http://www.[________________ ]for the price of U$[__________]. Sale price was based on revenue of approximately $100.00 per calendar month. Price includes free push (transfer) at[_____________] and all paid up domain registration fees.

This template in its entirety is included in both the Premium and Mega Pack downloads in the  margin. Once purchased, it is sent over immediately by way of digital download.

Sample Letter of Intent (LOI) or Letter of Understanding (LOU)

by All TemplatesLetter of IntentQuotes GeneralTender Documents

Letter of Intent-LOI or Letter of Understanding-LOU:

For larger contracts or big dollar supply agreements, some corporations prefer to start a relationship by issuing a letter of intent (LOI) to the successful bidder of a tender. In essence, it is an acknowledgement by both parties of their intent to carry out the offer at hand. As a buyer, you are informing the Vendor or Supplier of your intention to proceed with the commercial arrangement proposed in the bid and this is the start of the formal documentation process.

This following sample LOI can be used to get the ball rolling until formal contract documents are drawn up and executed by the involved parties.

This particular sample letter of intent or letter of understanding covers a technical supply agreement used to purchase bulk commodities with prices that might be tied to a published index or indice.

Feel free to download and use this free sample letter of intent or letter of understanding when awarding your RFP or RFQ.

Download PDF file here >>> RFQ6 – Letter of Intent

It is a little cramped as we wanted it to fit onto a single page…Note: all RFQPro.com purchased downloads include edit friendly Microsoft word templates.  If you are looking for a specific sample Letter of Intent (LOI), or LOU template we have included them in our Premium Pack and it is available for purchase by selecting the download button in the margin.