RFQs are often reviewed by a team prior to opening the Request for Proposal or RFP process.
A Request for Qualifications (RFQ) is a document that lists a project’s requirements and asks contractors to submit declarations of interest, including a demonstration of their ability to complete the project. It is a pre-qualification tool used by companies that are in the process of collecting bids for a project. This document is sometimes distributed before the more detailed request for proposal (RFP).
The purpose of a qualifications request is to determine whether the bidding company has the necessary skills to produce the desired result.
The main purpose of a qualifications request is to determine whether the bidding company has the necessary skills to produce the desired result. To do this, the document must provide an accurate overview of the project. Some of the more common details include the basic project description, an approximate budget, what skills are needed, and any special conditions the contractor should be aware of. The document will also typically include contact information and the due date for submissions.
A qualifications request can also be used to determine if a contractor can help clarify parameters for a poorly defined project. This is more common when the problem at hand needs an expert opinion to be properly resolved. A contractor’s ability to refine the issue and create an effective framework for moving forward with the project may be the factor that will determine whether he or she will be invited to submit a response to the RFP.
After all interested companies have submitted a qualification request to the contracting company, each form is evaluated. Most companies will have a system in place to manage this process so that each application receives full and equal attention. When lead candidates are determined, communications are usually prepared for all candidates to inform them of their status. Selected candidates are then invited to submit their plans for completing the project. After the presentations, the company will typically distribute an RFP to top candidates so that they can outline the details of their anticipated approach, fees, and other project details.
Some companies will distribute an interest request (RFI) before releasing the qualifications request. This document only asks that contractors wishing to participate in the bidding for the project submit a declaration indicating interest. It does not contain as much project information as the RFQ, but it is usually enough to help a contractor decide whether or not to bid. The document usually also contains information on how to request the RFQ.