While dealing with Bids / Proposals / Contracts / Tenders, we all hear terms such as RFP, RFQ and RFI. But what does these mean and how are these terms different?
All these terms are used interchangeably and are somewhat interrelated, but all of them have different meanings and purpose.
1) Request for proposal (RFP) includes each and every detail which is required in a proposal document including
2) Request for information (RFI) is a document when we want information about the vendors (or service providers). This information can be related to their
3) On the other hand, Request for quotation (RFQ) is made when client wants information related to
Most of the times, clients just issue RFP, because it is a very vast document that contains all the information included in a RFI and a RFQ. In cases where, the numbers of bidding vendors might be more, it is advised for a client to first issue a RFI, so that a client can get initial information from the vendors and then compare these vendors on some common grounds to shortlist some.
This RFI can also be called a RFQ (Request For Qualification), which again includes request for information regarding the qualifications and capabilities of vendors (or service providers). The request for information may include the education level of vendors, experience, resource availabilities, their capabilities, their contacts, their certifications, etc.
So, next time, whenever you hear these terms, don’t get confused. Get going! Go bid! Our professionals help you in reviewing, developing and answering these documents. For more such help, contact BidBox now.