Difference between RFI RFQ RFP and RFT in eTender
17/10/2024 Other Services
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Description
Understanding the differences between RFI, RFQ, RFP, and RFT is key in the procurement process. An RFI gathers preliminary information about suppliers, while an RFQ focuses on getting detailed pricing for specific needs. An RFP seeks comprehensive proposals for complex projects, and an RFT is a formal request for binding bids. Each document serves a unique purpose, ensuring better communication between buyers and suppliers. By using the right request at the appropriate stage, businesses can streamline procurement and make informed decisions, ultimately leading to successful procurement outcomes.
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Nikhil Verma
Individual
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