What is the importance of Request for Proposal (RFP) ?
The RFP documents should necessarily contain the following:
1. A brief description of the party calling for RFP 2 Whether the bids have to be submitted in two parts, viz, technical bid and price bid
3. Specific eligibility conditions for the bidders
4. Scope of the study or work
5. Selection criteria such as credentials, exposure, prior experience, etc.
6. Price schedule, i.e., how the price is to be quoted, whether in Indian rupees, escalation clauses, taxes, etc.
7. Commercial terms and conditions such as terms of payment, documents to be submitted, etc.
8. Validity period and last date
9. Arbitration and applicable laws
10. Cancellation of the contract and compensation
11. Confidentiality obligations
Those responding to the RFP should scrupulously follow these requirements and submit their complete proposals.