Many a times it happens that a Company or a department wants to do a particular work but is not sure of the amount of time and money required. More over many a time it is also not clear as to what the different stages of work should be. In such circumstances parties publish request for proposal. This gives an idea for bidders that a particular company or department wants to do a particular project and task, has a specific fund for it and is looking for experts to complete the task. Such expert bidders prepare a detailed proposal covering all possibilities like time required, work estimation, man power required, and execution stages and so on. A Request for Proposal for a specific program may require the company to review the bids not only examine their feasibility, but also the health of the bidding company and the ability of the bidder to actually do what is proposed.
The Request for Proposal (RFP) outlines the bidding process and contract terms, and provides guidance on how the bid should be formatted and presented.
Request for Quotation / Quote (RFQ) should also be seen from the same angles. To be more precise RFQ is generally published when the price or rate of items or work to be procured is unknown and unclear. Quotations / rates are invited with other details through RFQ.
Generally Request for Quote is more likely to occur in situations where products and services are standardized. It is also more likely to be used when the soliciting company knows the volume of products that it wishes to purchase
For example, a government agency looking to buy 500 computers with a particular hard drive size and processing speed will send out an RFQ. Because the product is standardized, the agency is better able to compare different quotes to see which one is best suited
RFQ’s and RFP’s are generally tenders involving small work and less expertise compared to other big tenders.
It becomes hard to track and catch up with such sort of tenders. Our clients are happy as they receive such alerts on their email ids at the desired time.
Who knows by subscribing to such services, you may open the doors of fortune. If you feel like increasing your opportunities through tenders, you can fill in the form and make the requisite payment by clicking here. You can find below RFQ / RFQ related tenders. You can click on the below link for more details.
