A request for proposal (RFP) is a business document that announces a project, describes it, and solicits bids from qualified contractors to complete it.
When using an RFP, the entity requesting the bids is responsible for evaluating the feasibility of the bids submitted, the financial health of the bidding companies, and each bidder's ability to undertake the project.
Download now for free our RFP Template for all of your
Label & Packaging Artwork Life Cycle Management projects
The RFP has been adopted as a way to ensure that cronyism is removed as a factor in the rewarding of contracts. It also opens up the process to competition, which can be expected to keep project costs lower.