Full formBusiness & Corporate
FPQstands forFixed Price Quotation
Full Form of FPQ
What is FPQ?
A Fixed Price Quotation (FPQ) is a formal document provided by a seller or contractor to a buyer, stating the exact price for goods or services without any variable conditions. In the Indian context, FPQs are widely used in government tenders, public procurement, and private sector contracts to ensure price certainty and budget predictability. When an organization invites bids, suppliers submit FPQs specifying a firm price that cannot be escalated during the contract period. This practice is common in sectors such as construction, IT services, manufacturing, and infrastructure projects. FPQs help eliminate ambiguity in pricing and reduce the risk of cost overruns. In India, compliance with the General Financial Rules (GFR) often mandates FPQs for purchases above a certain threshold. For students and professionals in business, finance, or civil services, understanding FPQ is important because it relates to tender evaluation, contract management, and financial planning. The term is frequently encountered in procurement departments, vendor negotiations, and public sector undertakings.
FPQ का फुल फॉर्म
निश्चित मूल्य उद्धरण
Example
The PSU asked all bidders to submit a valid Fixed Price Quotation for the supply of 500 laptops, with no escalation clause.
FPQ — frequently asked questions
What is the full form of FPQ?
FPQ stands for Fixed Price Quotation, which is a document specifying a firm price for goods or services that remains unchanged during the contract period.
How is FPQ used in Indian government tenders?
In Indian government tenders, suppliers submit FPQs as part of their bids to assure the procuring entity of a fixed cost, which helps in budget allocation and avoids later price disputes.
What is the difference between FPQ and RFP?
FPQ is a fixed price offer, while RFP (Request for Proposal) is a document that invites suppliers to propose solutions and pricing, which may be negotiable.