RFP: A Quick Guide to Request for Proposals (Templates Included)

RFP: A Quick Guide to Request for Proposals (Templates Included)

A request for proposal (RFP) is a document used to seek out vendors and contractors that can supply a company's project with necessary products and services that fall outside of what the organization can provide internally. It provides an overview of the project and explains the process and contract terms to guide bidders. RFPs are not only a way to simplify shopping around for vendors and contractors, but also detail the scope of the work and what the payment for the goods and services will be. This helps avoid any miscommunications down the line about compensation, delivery dates and more. RFPs and RFQs are different types of request forms that can be difficult to differentiate between.

RFIs are less detailed and focus on clarifying information provided by a vendor or contractor, while RFQs focus on how much the vendor or contractor wants for their good or service. RFPs are particularly important in the project management space as they help keep project managers organized and make crucial business decisions.