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Short for Request for Proposal, a document that an enterprise sends to a vendor inviting the vendor to submit a bid for hardware, software, services, or any combination of the three. An organization typically issues the RFP in order to assess competing bids. PREVIOUS. RFMON.
In principle, an RFP: 1  Informs suppliers that an organization is looking to procure and encourages them to make their best effort. 2  Requires the company to specify what it proposes to purchase. 3  Alerts suppliers that the selection process is competitive. 4  Allows for wide distribution and response.