A/R Finance & Factoring Terms GLossary

What isRequest for Proposal (RFP)

Request For Proposal (RFP) is a type of bidding solicitation in which a company or organization announces that funding is available for a particular project or program, and companies can place bids for the project’s completion. It outlines the bidding process and contract terms, and provides guidance on how the bid should be formatted and presented.

A request for proposal for a specific program may require the company to review the bids to not only examine their feasibility but also the health of the bidding company and the ability of the bidder to actually do what is proposed. A Request for Information (RFI) is primarily used to gather information to help make a decision on what steps to take next. RFIs are therefore seldom the final stage and are instead often used in combination with the following: request for proposal (RFP), request for tender (RFT), and request for quotation (RFQ).

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