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Find information on RFP's, RFQ's, RFI's, & RFT's.
RFP (Request For Proposal)
A RFP (Request For Proposal) is a document that an organization posts to bring out bids from potential vendors for a product or service. An RFP is part of an organization's procurement process, which begins with an assessment of needs and ends with delivery and/or support of the finished product or service.
RFQ (Request For Quotation)
RFQ stands for Request for Quotation. An organization issues a RFQ when it is merely checking into the possibility of acquiring a product or service. A response to an RFQ by a prospective contractor is not considered an offer, and consequently, cannot be accepted by the organization to form a binding contract.
RFI (Request For Invitation)
RFI is Request for Information. It is a kind of request made typically during the project planning phase where a buyer cannot clearly identify product requirements, specifications, and purchase options. RFIs clearly indicate that award of a contract will not automatically follow.
RFT (Request For Tender)
The RFT (Request for Tender) is a document by which an organization seeks prices and terms for a particular project to be carried out under a contract. The sealed offers themselves, including company information, a project outline, and a price quote, are known as tenders or bids.
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