Request For a Proposal (RFP) is a formal business document that outlines the requirements of a project and invites bids for relevant outsourcing solutions.
Once you are satisfied with a company’s profile and past work experience, you ask put in a request for a proposal. What you get is a formal document that states the services offered and the equivalent cost along with the terms and conditions of the agreement reached.
Also see: Request for Information (RFI)
« Back to Glossary Index