What is RFQ for Contract in SAP (SRD-SRM-SC - SRM-Sourcing and Contracting)?

SAP Term: RFQ for Contract

• Component: SRD-SRM-SC

• Component Name: SRM-Sourcing and Contracting

• Description: An RFQ type that indicates that an RFQ was created to negotiate a contract.

Smart SAP Assistant

• Key Concepts: 
  RFQ for Contract is a feature of SAP SRM-Sourcing and Contracting that allows users to create and manage requests for quotations (RFQs) for contracts. This feature enables users to create RFQs, send them to suppliers, receive responses, and compare the responses to select the best supplier. 
  
  How to use it: 
  To use the RFQ for Contract feature, users must first create an RFQ document in the system. This document should include all relevant information about the contract, such as the type of contract, the duration of the contract, and any special requirements. Once the RFQ document is created, users can then send it to suppliers via email or other communication channels. After receiving responses from suppliers, users can compare them and select the best supplier based on their criteria. 
  
  Tips & Tricks: 
  When creating an RFQ document, it is important to include all relevant information about the contract so that suppliers can provide accurate responses. Additionally, it is important to provide clear instructions on how suppliers should respond to the RFQ so that they can provide accurate and timely responses. 
  
  Related Information: 
  For more information about using the RFQ for Contract feature in SAP SRM-Sourcing and Contracting, please refer to SAP’s official documentation. Additionally, there are many online resources available that provide tips and tricks for using this feature effectively.