request for proposal(redirected from Request for price quotation)
Also found in: Medical, Acronyms, Encyclopedia.
request for proposal (RFP)Ideally, a tightly written list of requirements and specifications upon which contractors, vendors, or service providers are invited to place bids. The goal is to write the specifications in such a manner that bids can be compared equally, without making adjustments among them. For example, an RFP for floor covering might specify the exact maker and pattern name for a carpet,or it might specify a generic carpet of a certain weight,with or without a pattern, and with or without a pad of a specified thickness. It would include scale drawings of the space to be carpeted so that waste could be calculated,and it would include special instructions such as the need for installation to take place between certain dates or over a weekend.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.