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A request for proposal (RFP) is an open request for bids to complete a new project proposed by the company that issues it.
An RFP must describe and define the project/software in enough detail to attract viable responses. The prospective company should be able to understand the nature of the business, the requirements of the software, and the goals it wishes to achieve with the project. The project must be defined in enough detail for the software development company to clearly understand its scopes like Technical requirements, project timeframe, budget, and all of the products and services that must be provided to carry it out.
A well-written RFP conveys the intention behind the proposal and ensures that the result will meet expectations.
It also ensures an open process.