RFI (Request For Information)
This is where the buyer seeks to understand the capabilities of the seller.
RFP (Request For Proposal)
This is where the buyer seeks to understand how seller will accomplish the job or a possible solution that the seller has to offer. This may also include seller’s company profile, experience, portfolio, key resources and price
RFQ (Request For Quote)
This is where the buyer seeks the price quote per item, hour, meter or other unit. Quotes should ideally focus only on the price. There is another term called IFQ (Invitation For Quote) which is more or less same as RFQ.
LOI (Letter Of Intent)
This is where the buyer expresses interest in hiring the seller. Note that this is not a contract but only an indication from the buyer so that the seller can start the preparatory work
#rfi #rfq #rfp
#purchase proposal #purchase request #purchase information
