In the world of tendering, there are many different types of requests, and all of them come with tender acronyms that can be a bit confusing if you're not a specialist tender response writer. Here's the low-down on them all.
EOI
An EOI is an Expression of Interest. Agencies usually use it to assess the interest and capabilities of potential suppliers, and it is a preliminary step before they invite short-listed suppliers to participate in a more comprehensive RFT.
2. RFT
An RFT is a Request for Tender. It's usually more robust than an EOI and outlines the contract scope, specifications, tender conditions, and detailed requirements. An RFT can be issued independently and doesn't need to follow an EOI.
When the department issues an RFT, the first and only request, it's usually public rather than closed, which is the case with RFTs issued to short-listed suppliers following the EOI process.
3. RFP
An RFP is a Request for Proposal. It's very similar to an RFT, and the two terms tend to be used interchangeably. Technically, though, an RFP emphasises the value-added aspects of the proposal, allowing you to showcase your creativity, expertise, and innovative solutions to meet the tender requirements.
4. RFQ
An RFQ is a Request for Quote. It's usually issued when the issuer mainly seeks pricing proposals for specific services or products. It will include some scope and specification details. The response documents will ask for some basic information about your business, but the primary evaluation will be based on the quote you provide.
5. RFI
An RFI is a Request for Information. It's very similar to an EOI in that it also gathers information and insights from potential suppliers about your capabilities, products, services, and industry trends.
6. ITO
An ITO is an Invitation to Offer. It's also very similar to an RFT and is a formal invitation to suppliers to submit offers or bids for providing goods, services, or projects.
7. ITT
An ITT is an Invitation to Tender, and it is just another RFT term.
8. ATM
An ATM is an Approach to Market. It's specific to the Federal Government and is a formal announcement published on the AusTender website to notify potential suppliers about procurement opportunities.
Wrapping Up
So there you have it! There are many different terms and tender acronyms, but one thing they all have in common is they seek specific information. It's essential to read the requirements carefully and respond appropriately.
If you need a hand with your submission, I'm here to help. Just call me at 0400 514 579, shoot me an email at pauline@tenderwise.com.au, or fill out this form.
Until next time, and good luck with all of your tender submissions!
Pauline