What is an RFI, RFP, or RFQ? Part III of VI

June 21st, 2013

In yesterday’s post we began to look at the pieces that go into a successful RFP strategy 1

Today’s post is by Heather Powell, Customer Services Manager at SafeSourcing Inc.

We will continue to look at those details; wrapping up tomorrow with a view of how to transition the information you get from an RFI to an RFP.

Schedules or Timelines: This is the time frame of the expectation of when the RFP is sent to the vendors, when questions (about the specifications or the RFP process) are due from the vendors, when the vendors can expect the questions with answers to be return, when the RFP is due to be complete.

Contract Type: This defines to the vendor if the contract is a spot buy, a one year, two year, or longer contract. There may be additional special contractual requirements added within this area. 

Data Requirements: This can vary from the type of RFP you many want to run, but every RFP should collect basic information about the vendors, their name, address, primary business, who the primary contact with their information, usually a list of 3-5 references, a list of current businesses that are similar in size to the company running the RFP.

Terms and Conditions: General and special arrangements, provisions, requirements, rules, specifications, and standards that form an integral part of an agreement or contract.

Description of Goods and/or Services to Be Procured:  This is to define what you are looking specifically to buy. It is a tie in between your scope of work and your specifications. This area is typically where you are going to ask the vendor to give their proposal of price based on your needs defined and within the guidelines of the specifications.

Instructions for preparation of technical, management, and/or cost proposals: These are the details on how to complete the RFP. If online through SafeSourcing, you will be given a deadline to complete the RFP, trained on how to enter your RFP and Pricing, and the additional information the customer may need as supplemental documentation and how to submit that information. In a sealed bid, you will be given specific instructions on what documents need to be signed and returned, what additional information needs to be submitted and the expectations on how to submit it, and specifically how to mail it into the government agency that will review it by a set date and time.

SafeSourcing can help you with your needs in creating, running, and reporting on a RFP for any item, project, or industry need. Tomorrow we will wrap up the series by looking at the path of information from the RFI to RFP and how to use that information to make the best decisions. For more information on how we can help you with your procurement needs or on our “Risk Free” trial program, please contact a SafeSourcing Customer Service Representative.  We have an entire customer services team waiting to assist you today.

We look forward to your comments.

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