RFQs are often reviewed by a team before opening the Request for Proposal or RFP process.
A Request for Qualifications (RFQ) is a document that lists the requirements of a project and asks contractors to submit statements of interest, including a demonstration of their ability to complete the project. It is a prequalification 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 qualification request is to determine if the bidding company has the necessary skills to produce the desired result.
The main purpose of a qualification request is to determine if the bidding company has the necessary skills to produce the desired result. To do this, the document must provide an accurate description of the project. Some of the more common details include the basic description of the project, an approximate budget, what skills are required, and any special conditions the contractor needs to be aware of. Typically, the document will also include contact information and the due date for submissions.
A request for qualifications can also be used to determine if a contractor can help clarify the parameters of an ill-defined project. This is most common when the problem at hand needs expert opinion to resolve properly. A contractor’s ability to refine the problem and create an effective framework to move the project forward may be the factor that will determine whether they will be invited to submit an RFP response.
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 request receives full and equal attention. When the top candidates are determined, communications are usually prepared for all candidates to inform them of their status. Selected candidates are then invited to present their plans to complete the project. After the introductions, the company will typically distribute an RFP to the best candidates so they can outline details of their anticipated approach, fees, and other project details.
Some companies will distribute a Request for Interest (RFI) prior to posting the Request for Qualifications. This document only requests that contractors wishing to bid for the project submit a declaration of 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 apply for the RFQ.