(pronounced as the initials R.F.P.)
Stands for “Request For Proposal”. When companies need any kind of service done (i.e. interior design, communications, web design, etc.) that will cost a significant amount of money, they may send out an RFP to several firms. The RFP will list out parameters for the work, and – if interested – each firm will return the completed RFP with its bid (or proposal) for the work for the company to review. From this process, the company hopes to get the best work for the best price.