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What is the difference between an RFP and an RFQ?
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A Request for Proposal (referred to as RFP) is an invitation for suppliers, through a bidding process, to submit a proposal on a specific commodity or service. A bidding process is one of the best methods for leveraging a company’s negotiating ability and purchasing power with suppliers.
The Request for Quotation (RFQ) is used where discussions aren’t required with bidders (mainly when the specifications of a product or service are already known), and price is the main or only factor in selecting the …
