What is a "Request for Proposals" (RFP)?

A "Request for Proposals" (RFP) is a formal document used by organizations, including governmental entities, to solicit proposals from potential vendors or contractors for specific projects or services. This process allows organizations to outline their requirements, criteria for evaluation, and the conditions under which the procurement will take place. Vendors respond to the RFP with their proposals, detailing how they intend to meet the specifications and their pricing.

Utilizing an RFP enables the organization to gather various approaches and pricing from multiple vendors, aiding in a thorough comparison and evaluation process before making a selection. This method fosters competitive bidding, which can lead to better pricing and innovative solutions.