What is a Request for Proposal or RFP?

Answer:
A request for proposal is also called

an RFP. An RFP is more than a simple request for pricing, it provides potential suppliers the opportunity to submit a proposal for goods or services to a company.

When suppliers submit proposals through a bidding process, it gives a company the most beneficial negotiating and purchasing power. RFPs often include detailed specifications of the goods or services being provided. These proposals are usually required to completed and submitted by a specific date and time.

A company will use the information from a RFP to evaluate the services and costs of the supplier. The company will usually base its final selection on the basis of the lowest proposal or best overall value.


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