How Do I Sign Kentucky Banking RFP

How do i industry sign banking kentucky rfp

hello everyone today we're going to take a look at the US federal government's request for information also request for quotations as well as request for proposals courtesy of dynamic contracts consultants so let's get started first with request for information or RFI it is a preliminary document used by the federal agency that does not understand the marketplace they're about to enter it is more of a fact-finding document is open-ended with questions it gives an opportunity to vendors and contractors to present and talk about their full range of offerings the prime contractor will identify themselves and explain their position in the marketplace industry they specialize in and what products or services they offer RFI is issued for information and planning purposes only it does not constitute an offer by the government to fund as a whole or in part for the opportunities referenced the government will not pay for any information or administrative cost incurred in responding to RFI all costs associated with responding to an RFI will be solely at the contractors or interested parties expense any response received will not be used by the procurement Contracting Officer as a proposal or quote the responses to the RFI will be for the benefit of the government and they be used for future needs with an RFI the agency procurement Contracting Officer PCO can gauge interest of a product or service from a vendor or contractor who can provide a product and/or service the procurement Contracting Officer after reviewing responses to the RFI decides how to best proceed either by issuing an RFP or RFQ and we'll explain explain those two a little bit later the information gathered during the RFI process can help the procurement officer to best craft the RFP or RFQ to generate the best responses and bids horrify related to the construction construction industry is used when it is necessary to confirm the interpretation of a detail specification or note on the construction drawings or to secure a document a directive or clarification from the architect or client that is needed to work issues raised by the prime contractor in the RFI that has been answered by the agency or procurement Contracting Officer and distributed to all other stakeholders he generally accepted as a change to the scope of work unless further approval is required for costs associated with the change it is a common and accepted practice for a subcontractor in construction industry to use an RFI to call attention to an inferior product that may not meet the building owners needs and use his or hers expertise to recommend a better product or service it is also a common practice for a subcontractor or supplier to use RFI to state his or her concern related to the omission or misapplication of a product and seek further clarification of the building official acceptance of the specified product now in science and technology industries horrify offers the opportunity for interested individuals and organizations to identify public and private actions that have the potential to accelerate the development rigorous evaluation and widespread adoption of high-impact learning technologies focuses on the design and implementation of pull mechanism for technologies that significantly improves a given learning outcome pull mechanism increases the incentives to develop specific products or services by committing to reward success you rfqs can stand for two things number one request for qualifications number two request for quotation request for qualifications come about the informant agency sends out a request for qualification they're looking for specific information about a bidding companies track record for example if a government agency is looking to buy and install new server towers for a large database they'll send out an RFQ looking for tech companies to respond these tech companies will then provide details about their company's expertise explaining why they'd be best for the job now a request for quotation is a bit more straightforward this kind of RFQ is asked for by a government agency when they're looking for the simple procurement of products this type of stuff won't vary by a large degree from company to company for example if a government office was looking to buy large amounts of printer paper they send out a simple RFQ here the qualifications of a company don't matter as much because printer paper is more or less the same regardless of the provider government is merely checking into the possibility of acquiring products or services it may issue requests for quotation RFQ may also be used when the government does not intend to award the contract based on the solicitation but what it wishes to obtain price delivery or other information for planning purposes RFQ is a detailed document that drills down to the exact specification by the agency RFQ may be used for negotiated procurements to communicate government requirements to prospective contractors a quotation received in response to RFQ is not an offer and consequently cannot be accepted by the government to create a binding contract an order is an offer by the government to the supplier to buy certain supplies and services upon specified terms and conditions a contract is established when the vendor contractor or supplier accepts the offer you the government agency after receiving various quotations on the proposed purchase the contracting officer may negotiate further with the vendors contractors suppliers that have submitted acceptable proposals to assure the contract most beneficial advantageous and in the best interest of the US federal government tene point zero zero for a quotation is not an offer and consequently cannot be accepted by the government to form a binding contract under far 2.0 that's two point one zero one rfqs our solicitation and the resulting order is a contract a request for quotation RFQ is a method of solicitation of authors from suppliers for customers requirements for supplies or services that fit within the dollar amount for supplies or services up to $3,000 this is issued when the aggregate amount involved in any one transaction is relatively small the far allows an RFQ for government unique items to be used for purchase orders Pio that do not exceed the simplified acquisition threshold of a hundred and fifty thousand dollars an RFQ is part of the far part thirteen simplified acquisition procedures RFP is a solicitation by a government entity or agency for products or services from public contractors by law government agencies are required to issue bids publicly whenever they are in need of the specific product or service this is standard policy in order to prevent insider bidding where companies are being awarded contracts secretively it is also beneficial for the government agency itself because it creates competition resulting in lower prices for them nrfb is more than just a request for a quotation it is an actual request to perform a specific project or supply specific product requests for proposals will generally be issued when requirements for the project at hand are of $25,000 or more oftentimes they are issued when the solicitation or selection of a supplier cannot be made solely on the basis of the lowest price rfp is used to procure the most cost effective solution based upon evaluation criteria identified in the RFP at a minimum solicitations shall describe the government's requirement anticipated terms and conditions that will apply to the contract information required in the offerors proposal and for competitive acquisitions the criteria that will be used to evaluate the proposal and their relative importance far subpart 15.2 solicitation and receipt of proposals and information is the main guidance for government solicitations and RFPs the format for most government RFPs is fixed by the Federal Acquisition regulation for the farm mandates the government's rfp's be divided into sections a through m each of these sections has a certain purpose and must contain certain information but only a few of these sections relate to what to bid and how to prepare your proposal of the lettered sections the key ones to focus on are section L where you'll find the instructions for formatting organizing and submitting your proposal section m where you'll find the criteria and scoring system that will be used to determine whether your proposal wins section C this is where they say what it is they want you to propose often called the statement of work section B this is where they tell you how to format your pricing and sometimes section J sometimes they hide in important information and stuff like statement of work in the section J in attachments request for Proposal is perhaps the most complicated of the botch RFPs are typically sent out when a government agency is looking to contract work for a large-scale project because of the scale the companies providing the service or building the final product will approach them in radically different ways leading to a radically different final product or service for example if the US government wanted to build a new federal government building they'd send out an RFP in this RFP a building contractor would provide a detailed plan for the project this plan would include initial schematics and blueprints of the building timelines for completion as well as a detailed explanation regarding the company's qualifications for the project RFPs are difficult to master but to compete with the top earners in government contracts your RFP needs to be spectacular and that's a wrap if you have any questions feel free to give us a call or email us and we'll get back with you at the earliest convenience this has been a presentation of dynamic contracts consultants thank you for watching