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01
Validity and Pricing: Quotes must remain valid for a specified period (commonly 28-30 days) and prices are usually fixed, including all taxes, duties, and levies.
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02
Submission and Process: Quotes must be received by the deadline; late submissions are generally rejected. The buyer may cancel or amend the RFQ at any time.
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03
Liability and Ownership: The buyer is not liable for costs incurred in preparing the quote. All submitted documents become the property of the buyer.
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04
Confidentiality and Ethics: Respondents must keep the process confidential and adhere to ethical standards, avoiding collusion.
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05
Delivery and Payment: Specific terms regarding delivery locations (e.g., EX-WORKS), timelines, and payment terms (e.g., net 30 days) are defined.
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06
Intellectual Property: The buyer typically retains ownership of the RFQ, while the respondent retains ownership of their intellectual property, granting the buyer a license to use the information.
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07
Subcontracting and Joint Ventures: Rules regarding how groups of entities (e.g., Joint Ventures) must submit their bids are often included.