RFP

An RFP, or Request for Proposal, is a formal document designed to solicit business proposals, typically through a competitive bidding process. Issued by an agency or company seeking to procure a commodity, service, or valuable asset, the RFP invites potential suppliers to submit detailed proposals outlining their capabilities and offerings.

This crucial step in the procurement process allows the issuing entity to evaluate and compare proposals, ultimately aiding in the selection of the most suitable supplier for the desired goods or services. RFPs play a vital role in fostering competition, transparency, and accountability in procurement, ensuring that organizations make well-informed decisions to meet their specific requirements.


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