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RFP, Request for Proposal
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RFP stands for request for proposal.
An RFP typically request more information than a price quote. The requested information often includes corporate information and history to demonstrate your experience in the industry, financial information to demonstrate the ability to deliver without financial risk, technical capability for products and services that require a high degree of technology involvement.
RFPs often include specifications of the item, project or service for which a proposal is requested, and a set deadline when the bidder must return a proposal by. Bidders submit proposals which are used to evaluate the suitability for the intended products or services. Price is not the only consideration in selecting the winner. Late proposals may or may not be considered, depending on the terms of the initial RFP.
Similar terms include RFI (request for information) and RFQ (request for quote).
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Read more Blogs on Government RFP, Bid, Contract and Notice
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