RFP (Request for Proposal)

A Request for Proposal (RFP) invites shortlisted or interested firms to submit both a technical proposal (methodology, team, experience) and a financial proposal (price) for an assignment — most commonly consultancy, design, IT, or advisory services.

RFPs are usually evaluated using a weighted combination of technical and financial scores (Quality-and-Cost-Based Selection), unlike straightforward goods/works tenders which are typically awarded to the lowest responsive bidder. Financial proposals are often kept sealed until after technical evaluation is complete, to prevent price from influencing the technical score.