“Request for Proposal (RFP): A key component of the investing process, a Request for Proposal is a formal invitation issued by an organization to potential vendors with the purpose of obtaining a quote or proposal for a specific service. Commonly used in government and corporate contexts, a RFP outlines the desired outcome and timeline of the project alongside any additional requirements. The response to the RFP should provide a comprehensive overview of the proposer’s services, qualifications and costs associated with the project.”