Non-essential acronymns

Question 1

RFI

Answer 1

Request for Information - use to solicit info about the capabilities of sellers

Question 2

RFP

Answer 2

Buyer invites the seller to submit a proposal for completing the specified work.

Question 3

RFT

Answer 3

Request for Tender - Buyers requirements are more complicated, but still clearly defined. A price is a sufficient response.

Question 4

IFB

Answer 4

Invitation for Bid - used to solicit competitive prices from sellers for a simple product or service

Question 5

IFN

Answer 5

Invitation for Negotiation - buyer invites sellers to negotiate on price and solution reqts.

Question 6

SIR

Answer 6

Sellers Initial Response - seller submits a reply to buyer indicating an intention to respond to the buyers request or invitation

Question 7

PO

Answer 7

Purchase order - type of unilateral contract between the buyer and seller indicating to the seller that the purchase has been approved.