Tenders, also known as ‘call for bids’, call for tenders, invitation to tender (ITT), or invitation for bid (IfB) is a process whereby governments and financial institutions invite bids for large projects that must be submitted within a finite deadline.
In Tendering process, RFI stands for Request for Information, RFP stands for Request for Quotation, RFQ stands for Request for Quotation and RFT stands for Request for Tender.
An RFI is an open enquiry that spans the market seeking broad data and understanding. An RFI is primarily used to gather information to help make a decision on what steps to take next.
RFQ is an opportunity for potential suppliers to competitively cost the final chosen solutions. RFQ tenders and notices are then published on which service providers can bid.
An RFP is a document that solicits proposal made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.
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