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What is an IFB, RFP or RFQ and what is the difference?

April 26, 2017ifb RFP rfq

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What is an IFB, RFP or RFQ and what is the difference?

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Although these terms (spans) are still used, two of them now have different meanings than they did in the past. IFB now refers to Sealed Bidding and RFP now refers to Negotiated Procurement. RFQ still refers to requesting oral or written prices on small purchases. For more information on this topic, see your local SBDC.