Request for Proposal
Also known as RFP. A request made by an organization for potential suppliers to submit business proposals. The organization that releases the RFP is seeking to procure a commodity, asset, or solution from – or to have a project completed by – a qualified third party. Typically, respondents to an RFP engage in a bidding process, at the end of which one supplier will be selected to fill the request. RFPs are very often used by government agencies.