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Request for Quotation (RFQ)
A quote for products and services that are as standardized and commoditized making each supplier’s quote comparable. Estimated timeframe is two (2) to three (3) business days.
Request for Information (RFI)
Request made to vendors to provide written information about their capabilities to deliver various goods and services. Estimated timeframe is one (1) to two (2) weeks.
Request of Proposal (RFP)
The complete process (from internal and market assessment , developing of a sourcing strategy, supplier selection, solicitation and evaluation of bids, selection of supplier and negotiation of contract), which includes the submitting of a comprehensive proposal for a specific commodity or service. Estimated timeframe is eight (8) to twelve (12) weeks.