Request for Proposal | Meaning and Definition

What is the request?

A request is an act of formally or politely asking for something. 

What is the meaning of a Request for Proposal?

In a Request for Proposal, a company gathers information about services from a vendor or supplier that they might use to do business with. In addition to asking for prices, these documents are more complex than RFQs.

It outlines the company’s goals and the nature of the project that it has to complete. The proposal will also detail how many pages and illustrations should be included and what the law contains. In addition, it will detail what they must adhere to and why the contractors must possess certain qualifications. In some cases, the client may request additional information be included in the proposal.

What are the benefits of a Request for Proposal?

The benefits of a Request for Proposal are as follows:

  •     RFPs are advertisements in part. Getting a job posting out there indicates a project is in progress, and it makes it easier to find qualified candidates.
  •       As a result, the process can also be opened up for competition, reducing costs for the project.