Definition
A formal solicitation asking multiple vendors to bid on a project so the board can compare options fairly.
A request for proposal (RFP) is a document the board sends to multiple vendors describing a project or service, inviting them to submit comparable bids. It's especially useful for larger jobs and reserve projects.
Using an RFP produces apples-to-apples comparisons on scope, price, and qualifications, supports the board's duty of care, and helps avoid the appearance of favoritism. Getting multiple bids on significant work is a hallmark of a diligent board.