Formal Bids (RFP/IFB)
What is Formal Bidding? Commodity purchases, leases or services which exceed $75,000. Formal Bids are processed by Request for Proposal (RFP) or Invitation For Bid (IFB). All formal bids should include a Strategic Sourcing component.
Average Process Time? Formal bids must be developed, advertised, the responses evaluated, and the bid awarded.
- RFP - three (3) to twelve (12) months
- IFB - one (1) to two (2) months
Department Planning. Departments should allow time for the above procedures when anticipating their purchasing needs. It's never too early to work with Procurement on your Sourcing strategy.
What is Strategic Sourcing? Adding strategy to your purchase.
What are the benefits to you? Savings in money, time, and resources.
Want to Learn More? To learn more contact your Procurement Coordinator.
Ready to place a FORMAL BID?
Helpful Resources. Here are some documents that will provide guidance through the formal bid process:
Services Contracts (PCS/TGS)
Fayetteville, Arkansas 72703