A Request for Proposal (RFP) is a formal document that organizations use to solicit bids from potential vendors or service providers. It outlines the project's requirements, objectives, and evaluation criteria, allowing companies to compare different proposals. RFPs are commonly used in various industries, including construction, technology, and consulting. The RFP process helps ensure transparency and fairness in selecting a vendor. By providing detailed information about the project, organizations can receive tailored proposals that meet their specific needs. This process ultimately aids in making informed decisions and fostering competitive pricing among bidders.