When requesting vendor bids, the project management team prepares a request of proposal, a document specifying all the system requirements and soliciting a formal plan from each vendor contacted.
In the field of business, a vendor bid can be described as a kind of system in which bids are accepted for a property that an owner wants to sell.
A request for a proposal that contains all the necessary requirements that are expected from a particular vendor are mentioned in the request of the proposal. Based on the request of the proposal, the management team of a business can decides which vendor to choose for the selling of the asset. Hence, a request of proposal is essential for soliciting a formal vendor bid.
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