- For other meanings, see RFP (disambiguation)
RFP is an acronym for request for proposal, a business term referring to a request for bids on a specific product or service. Also known as an RFQ (request for quotation). An RFP typically asks for more than a price, including: basic corporate information, financial information and documents, and corporate history. The bidder returns a bid or proposal by a set date and time known as a bid opening. The proposals are used to evaluate a bidder's suitability as an institutional partner.
See Also: reverse auction
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