Term You Should Know

RFP- Request for Proposal

RFP Request for Proposal

 

An RFP is a business document that announces details about an upcoming project requesting bids from contractors specializing in a specific type of work. Many companies, including government agencies, use RFPs to solicit bids from multiple contractors for the purpose of having the benefit of choosing the most accommodating bid. Most cases are determined by price although other factors may play a part in decision making including establishing the ability and resources to complete the job by a specified deadline.

 

*RFPs usually outline what specific details for the contractor to include.

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