For each requisition, buyers have to specify the latest delivery date (which is the date when the goods have to be delivered at the named shipping location) and the closing date (which is the latest date for suppliers to submit bids).
It is very important to set realistic dates, otherwise suppliers may not consider the RFQ realistic and refrain from bidding. The latest delivery date can't be shorter than 2 days in any case.
When setting these dates, please bear in mind that there will be a lead time to receive bids, execute the evaluations, negotiate and place the orders, deliver.
As a rule of thumb, consider these lead times in average:
- deliveries from stock: latest delivery date 7 to 10 days from date of RFQ
- deliveries from new production: latest delivery date 60 to 90 days from the date of the RFQ (but there might be fast track manufacturers able to deliver in shorter times)