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They send out Requests for Information (RFI) to gather initial data on suppliers' capabilities and compliance with industry standards. RFP Issuance: Action: Detailed RFPs are sent to the remaining 8 suppliers. RFP Responses: Received: All 8 suppliers respond with their bids.
Prior to entering into contractual agreements, conducting initial risk assessments is crucial to understand potential risks associated with the vendors. The RFP process allows businesses to compare and evaluate vendors based on standardized criteria.
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