An RFP, or Request for Proposal, plays a crucial role in contract negotiation. It is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals. It outlines the bidding process and contract terms, and provides guidance on how bids should be formatted and presented. It is used to stimulate competition and to solicit the best response from suppliers. During contract negotiation, the RFP serves as a reference point for terms, conditions, and costs.
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