Main Page | See live article | Alphabetical index RFP is an acronym for request for proposal, a business term referring to a request for bids on a specific product or service. Also known as an RFQ (request for quotation). An RFP typically asks for more than a price, including: basic corporate information, financial information and documents, and corporate history. The bidder returns a bid or proposal by a set date and time known as a bid opening. The proposals are used to evaluate a bidder's suitability as an institutional partner. See Also: reverse auction This article is from Wikipedia. All text is available under the terms of the GNU Free Documentation License.