RFT (Request for Tender)
Request for Tender (RFT) is a formal process by which organizations seek bid proposals from vendors for a specific product or service. The purpose of the RFT is to ensure that an organization obtains the best product or service at the most competitive price. Through the RFT process, vendors can provide detailed information about their products and services, enabling the organization to make an informed purchasing decision. The RFT includes details such as desired specifications, pricing, delivery terms, and payment methods. Organizations can use this document to compare vendor bids and select the most suitable option.
