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RFP (Request for Proposals)

Formal solicitation process for goods and/or services in which cost is a weighted factor, but not the defining criteria. A committee is formed to review proposals from vendors based on a specified scope of work and then provide scores based on their understanding of how well the vendor’s proposal fits the scope of work. Most often used for professional services and software where subjectivity is needed for the nuances of the goods and/or services.