ITT – Invitation to Tender
This is the initial step of a competitive tendering process, where suppliers and contractors are invited to submit offers for supply or service contracts.
PQQ – Pre-Qualification Questionnaire
This is a questionnaire that suppliers and contractors must fill out when bidding for work. It is designed to identify the most suitable supplier, to invite to tender for contracts, and helps make shortlisting potential suppliers easier.
SQ – Standard Selection Questionnaire
An SQ is used to collect information to help decide which suppliers should be selected to participate in a tender exercise above EU thresholds.
RFI – Request for Information
An RFI is a formal process to obtain service and resource information from potential suppliers of a product or service. It is a fact-finding document which helps determine which suppliers can best meet a buying organisation’s needs, to narrow down a list of candidates.
RFP – Request for Proposal
Designed to level the playing field for businesses that want to work with a particular organization, an RFQ is a document that solicits proposal, often made through a bidding process, by a company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals.
RFQ – Request for Quotations
An RFQ is a document that an organisation will use to invite one or more potential suppliers to submit a quote for the completion of a specific job or project.
RFT – Request for Tender
An RFT is a formal request or invitation that asks suppliers to submit a bid to supply products or services.
A proposal is a formal written document which is sent to a prospective client in order to obtain a specific job or project.
A quote is a formal document which provides a detailed breakdown of goods or services offered and the cost based on what you think the job will involve.
A tender is a formal offer to provide products or services at a fixed price.