What is an RFP?

RFP” is an acronym for Request for Proposal.

Here’s an example:

Company A decides it needs to hire a contractor to complete a project. Company A will then create an RFP, which is a set of requirements outlining said project. The RFP will contain a request that qualified vendors submit a proposal in response to the proposed project tasks (aka Statement of Work, or SOW).

Prospective vendors then prepare and submit proposals to Company A on or prior to a date specified in the RFP. These vendors are hoping to convince Company A that they’re the most qualified contractor to complete said tasks.

If you need help sorting through the response process, I’m your guy. Here’s a list of related acronyms you may encounter when dealing with RFP response:

  • RFP – Request for Proposal
  • RFQ – Request for Qualifications
  • SOQ – Statement of Qualifications
  • SOW – Statement of Work
  • IDIQ – Indefinite Delivery/Indefinite Quantity
  • RFI – Request for Information
  • LOI – Letter of Interest
  • SOI – Statement of Interest
  • EOI – Expression of Interest
  • Prequal or Prequalification Package
  • IFB – Invitation for Bid
  • BOM – Bill of Materials

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