Market approaches which seek to gather information from potential suppliers. Examples include Request for Information, Expression of Interest, Request for Quotation [RFQ], Request for Proposal [RFP] and Request for Tender. The first two examples are typically used to gather information about potential solutions, market capability and capacity. They are typically the first phase in a multiple-phase procurement process, as they are usually followed by the short-listing of respondents and the issue of commercial enquiries, such as an RFQ, RFP or RFT. These enquiries are typically focused on inviting commercial offers that are capable of acceptance and so they are issued later in the procurement process once the need, specification and potential suppliers have all been identified. See also RFx.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.