Request for Proposal / Request for Quote
Request for Proposal (RFP)
A request for proposal (RFP) is a business document that announces an MCFD No. 1 upcoming project.
The project will be described, and bids from qualified contractors will be accepted. We prefer to launch upcoming projects using RFPs, and it is the procedure that many government agencies use.
When we issue an RFP, we will evaluate the bids that are submitted, the financial health of the bidding companies, and each bidder’s ability to undertake the project.
An RFQ is a Request for a Specific Quote
When we issue an RFQ, we are seeking an even more detailed document that drills down to the exact specifications required by MCFD No. 1.
When an RFQ is issued, we know what we are looking for and desire specific details based on predetermined specifications.
Unlike the RFP, which allows for a vendor’s flexibility to suggest creative solutions for a project, MCFD No. 1 isn’t looking for creativity but rather for the vendor to give a quote on the equipment or product needed.
Typically, our RFQ will contain a list of each requirement and then will ask the vendor to assess its ability to meet that requirement.
The vendor then will specify whether it can meet the requirement out of the box, whether it will require some configuration, whether it will require some customization, or whether it will require leveraging a third-party vendor.