1 What differentiates a Request for proposals RFP from a Con

1. What differentiates a Request for proposals (RFP) from a Contract?

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2. How are legal and regulatory complainces documented and why is it important?

Solution

1) A request for proposal is a document companies use to solicit bids onspecial projects or the development of a new product or service.Companies wishing to bid will review the RFP and then write a detailedproposal specifying how they will complete the project and the associatedcost. After receiving several proposals, the company issuing the RFP canchoose the best option but whereas A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements

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Importance of legal and regulatory complainces are: