C.)Apply the RFP process within an organizational context, outlining the key documentation required and consequences of breaching the terms of an agreement.
RFP is the shortcut of the full form of “request for proposal”. RFP is a type of tender request documents that give to tenders as an invitation. RFP will be used by a company that interested to do procurement of services, goods, commodities, and some more. There are 4 steps to preparing the request of the RFP which is:
● Steps1: project planning
to identify what you want, what you need, what is achievable, requirement, the scope of this project solution and try to align with your project overall short-term or long-term goals.
● step2:Drafting the RFP
o Prepare the introduction, statement of purpose, background information and scope of work, budget, project schedule, contract term and conditions, RFP timeline and review process, vendor questionnaire, and request of the proposal.
● Step3: Issuing the RFP
o To inform the preferred vendor by sending the RFP to them
o Or, if you are looking for a unique approach to your business needs,
perform an online research to find additional prospective vendors
● Step4: Reviewing Proposal and awarding the contract
o The selection team will review the proposal, and you shall make last confirmation with them by asking any final questions, ensure the project is clear to everyone, and notify the companies that you did not choose.
There are 2 General types of contract breaches which is
*A minor breach
- Some differencing with the requirement of the contract.
*A materials breach
-Seriously differences with the requirement of the contract.
However, the breach will bring some consequences such as
-Restitution
One of the parties pays another party back
-Punitive damages
The party breached the contract paid the money
-compensatory damages
One of the parties pays the compensation that state in the contract
-liquidated damages
Both parties agree to pay a sum of money that state in the contract
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