RFP

What does RFP stand for?

Request for proposal

An RFP, or "request for proposal," is an announcement a business or government makes to suppliers or contractors, asking them to submit a price quote and proposal for a project. RFPs are similar to but distinct from RFQs (requests for quote).

Businesses and governments post RFPs publicly, so any qualified contractor can submit a proposal. RFP responses typically require more work than RFQ responses, as RFPs have project requirements that must be addressed. (For example, RFPs may require that respondents submit ROMs as part of their proposal.)

After receiving all respondents' proposals, a business or government typically narrows the field to a few contractors whose proposals looked promising. They then begin negotiating with these contractors, to find the best fit for the project.

Example

"Did you see the latest RFP that was posted online?"

Related Slang

Usage

Last Updated: October 12, 2021

RFP definition

This page explains what the acronym "RFP" means. The definition, example, and related terms listed above have been written and compiled by the Slangit team.

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