Request for Proposal (RFP)

An RFP (request for proposal) is a business document publicly announcing a project, its requirements, and aims, and it is used to solicit proposals or bids from qualified suppliers for business solutions for an organization or government agency. The RFP lists the contract terms and the bidding process details. It comprises a clear and concise description of project goals and expected results, the project timeline, the window for evaluation, the notification or selection date, and a project completion date. The RFP process helps evaluate the project feasibility of submitted bids, the bidder’s financial health, and their ability to successfully undertake and handle the project to completion.