Request For ProposalRequest For Proposal (referred to as RFP and also known as Request For Quotation or RFQ) is a business term referring to a request for quotations, through a tender process, on a specific product or service.
An RFP typically asks for more than a price, including: basic corporate information and history, financial information and product information such as stock availability and estimated completion period. The bidder returns a quote or proposal by a set date and time known as a tender closing. The proposals are used to evaluate the suitability as a supplier, vendor, or institutional partner.
A less detailed version of an RFQ / RFP is the Request for Information (RFI), which is a request for very basic information about a firm's capabilities, intentions, and resources to compile an authorised supplier panel.
RFP's often include specifications of the item, project or service for which a proposal is requested. The more detailed the specifications, the better the chances that the proposal provided will be accurate.
Generally RFP's are sent to an approved supplier or vendor list.
This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.
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