RFP stands for Request for Proposal, which is a document issued by a company or organization to potential suppliers to request detailed proposals for goods or services they require.
An RFP typically includes a description of the project or requirement, the company's expectations, evaluation criteria, and instructions on how to submit a proposal. It is used in procurement to solicit competitive proposals from vendors, allowing the company to compare and evaluate different offerings based on price, quality, and other factors before selecting a supplier.
The RFP process is a crucial part of procurement as it helps ensure that the company gets the best value for its money and selects the vendor that can best meet its needs.
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