"Request for Proposal" (RFP), or request for bid is a document that summarizes the requirements for the purchase of services or products. This document is sent to potential suppliers in order to obtain specific proposals for solving a defined problem or need.
An RFP typically contains a detailed description of the project or service that the organization is seeking, including required specifications, timelines, and criteria for evaluating the bids. Suppliers then respond to the RFP with a proposal on how they would meet the requirements and what the associated costs would be.
In the commercial real estate sector, an organization may issue an RFP, for example, when looking for suitable office or storage spaces to lease, a supplier for construction work such as renovation or the construction of a new building, or when seeking a service provider, such as for property management. An RFP is often the second step in the selection process, following the "Request for Information" (RFI), which is used to gather basic information about the capabilities of various suppliers.
RFI (Request for information)
The abbreviation "RFI" stands for "Request for Information" in business terms. It is a document used to obtain information from various supp...
HOTs (Heads of Terms)
The term "HoTs" is short for "Heads of Terms" (also known as "Letter of Intent" or basic tenancy terms). This document serves as an agreemen...