RFP (Request For Proposal)
A Request For Proposal (RFP) is a formal, structured solicitation from a business or organization for goods and/or services. The RFP outlines the requirements for a potential vendor to submit a proposal with their cost estimates and technical specifications in order to be considered for an award of contract. It provides vendors with key information about the products or services being requested, as well as evaluation criteria that will be used when reviewing proposals. As a result, it is an essential tool for organizations to maximize competition, select the best-suited vendor and ultimately obtain the best overall value for procurement needs.
