Contract Opportunities

An RFP is a document that invites potential vendors/consortium of suppliers to propose a solution for a specific problem or need, and describes specific objectives, scope, criteria, and requirements of the project. The vendor(s) will provide a concrete, detailed solution that may include some leeway for creativity and best practices for the given solution.

• The process usually governed by procurement policies and/or legislation to ensure fair and transparent competition.
• RFP may have prior stages (e.g. RFI, RFQ, RSQ).
• Formal evaluation is completed on mandatory requirements, ranked components, and price.
• The issuance of an RFP is a commitment of intent to purchase; the organization will award a contract at the conclusion of the process.

A RFQ/RSQ/RFSQ is a tool to pre-qualify vendors who can meet the needs and standards of a large-scale or complex project.

• It specifies the minimum criteria and qualifications that vendors must demonstrate.
• The issuing organization assesses the responses and creates a short-list of eligible vendors.
• The evaluation may consider factors such as: staff, skills, equipment, track record, and financial health.
• An RFSQ is part of a multi-stage procurement process that aims to streamline the subsequent opportunity rounds.
• No contract is awarded based on an RFQ/RFSQ.

A RFQ/ITQ/IFB is a proposal to solicit bids from vendors where all deliverables are clearly defined and known, such as deliverable(s) quality, quantity, delivery date, terms, etc.

• The purchasing decision is based on price.
• A contract is usually awarded to the lowest price.