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For example, a customer provides architectural blueprints for contractors to bid on. These proposals can be lengthy but most of the length comes from cost-estimating data and detailed schedules. [1] Request for information (RFI) Sometimes before a customer issues an RFP or RFQ or IFB, the customer will issue a Request for Information (RFI). The ...
Project sponsorship is the ownership of projects on behalf of the client organization. [1] There are two main differences between project sponsorship and project management. Firstly project sponsorship includes the identification and definition of the project whereas project management is concerned with delivering a project that is already ...
A request for proposal (RFP) is a form of reverse auction that solicits a business proposal by an organisation interested in the procurement of a service or product from potential suppliers. [1] It is usually part of a complex sales process, and made through a bidding process.
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A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
In case of title sponsor's presence, the general sponsor position may remain free. General sponsor is a sponsor that makes one of the largest contributions (in absence of a title sponsor – usually more than 50% of all sponsorship funds raised) and that receives for it the right to use the image of competition as well as extensive media coverage.
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