Definition:
RFP stands for Request for Proposal. When the value of a government contract exceeds $100,000 and when it necessitates a highly technical product or service, the government may issue a Request for Proposal (RFP). In a typical RFP, the government will request a product or service it needs, and solicit proposals from prospective contractors on how they intend to carry out that request, and at what price. Proposals in response to an RFP can be subject to negotiation after they have been submitted.
Related Terms:
Contract
Grant
Independent Contractor
Related Information:
Independent Contracting
Government Contracting
Related Books:
Successful Proposal Strategies for Small Business
Win Government Contracts for Your Small Business
More Books about Contracting
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