RFP or Request for Proposal - FREE DOWNLOAD
A request for proposal (RFP) is a business document that announces a project, describes it, and solicits bids from qualified contractors to complete it. Most organizations prefer to launch their projects using RFPs, and many governments always use them.
KEY TAKEAWAYS
A request for proposal (RFP) is a project announcement posted publicly by an
organization indicating that bids for contractors to complete the project are sought.
The RFP defines the project, for the company that issues it as well as the
companies that respond to it.
The RFP describes the project, its goals, and the organization that is sponsoring it and outlines the bidding process and contract terms.
RFPs are used by most government agencies and many private companies and organizations.
The alternative is a less formal process that may fail to identify the best vendor and the best plan for accomplishing a project.
A company may use a request for proposal to ask for services such as upgrading technological equipment, construction, marketing, or other services. This can ensure a business gets the best contractors and companies for the job. It also allows them to compare prices, so they get an appropriate price for the assets or services.
The requests include a statement of work or Executive Summary, describing the tasks to be performed and the timeline for finishing the work.
RFPs also advise bidders on preparing proposals, with specific guidance on how
the bids should be formatted and presented. They generally include instructions on what information the bidder must include and the desired format.
IMPORTANT: The proposal should not be so detailed that it hinders the contractors
creativity, or so vague that the contractor is left stumped!
Skillfully creating a request for a proposal can ensure the success or failure of the resulting solution.
Grant Precise is happy to share a free download for an Executive Summary Template Information: