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