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.