This contract tip explains some basics about requests for proposal (RFPs).
RFPs are a purchasing technique to solicit information from multiple vendors at once.
Here are 5 things to know about RFPs:
1. Some RFPs include the customer's confidential information. In these cases, the customer will require the vendors to sign an NDA before sending the RFP out.
2. RFPs explain the planned purchase, including technical requirements and needed features. They also include questions for the vendors, such as certifications and experience with similar offers.
3. Many RFPs include a copy of the proposed contract that the customer plans to use for the purchase. The RFP may state that vendors have to identify any changes to the contract as part of the vendor's RFP response. Customers may consider the extent of those changes in making its decision.
4. Customers often have individual or group meetings in which the vendors are allowed to ask the customer questions. Many customers will share those answers with all the potential vendors.
5. RFPs typically require all submissions by a particular deadline. Some public entities do not accept submissions after the deadline, but private entities usually reserve the right to accept late entries.
What other things should people remember about working with RFPs?
