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A proposal puts the buyer's requirements in a context that favors the seller's products and services, and educates the buyer about the seller's capability to satisfy their needs. [ 2 ] There are three distinct categories of business proposals: formally solicited, informally solicited, unsolicited.
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 .
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.
A straw-man (or straw-dog or straw-person) proposal is a brainstormed simple draft proposal intended to generate discussion of its disadvantages and to spur the generation of new and better proposals. [1] The term is considered American business jargon, [2] but it is also encountered in engineering office culture.
The difference between the two is slight and mostly a matter of style: an LOI is typically written in letter form and focuses on the parties' intentions; a term sheet skips most of the formalities and lists deal terms in bullet-point or similar format. There is an implication that an LOI only refers to the final form.
If a proposal is still in the early formative stages and it is desired to gather creative suggestions from others on what purpose and direction such a proposal should have, one may wish to temporarily use the {{Brainstorming}} header template, and later use {{Draft proposal}} when these matters are clearer.
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