The abbreviation "RFI" stands for "Request for Information" in business terms. It is a document used to obtain information from various suppliers before selecting the final supplier for a particular project or service.
An RFI is often the first step in a supplier selection process. It allows an organization to gather information about the capabilities of different suppliers and how they can meet the requirements for a particular project or service. After receiving responses to the RFI, the organization can decide which suppliers to invite to submit more detailed bids or proposals (ie RFP - Request for Offer).
In the context of commercial real estate, an RFI can be used, for example, to find contractors for renovations, construction, maintenance, or other real estate-related services.
HOTs (Heads of Terms)
The term "HoTs" is short for "Heads of Terms" (also known as "Letter of Intent" or basic tenancy terms). This document serves as an agreemen...
"Request for Proposal" (RFP), or request for bid is a document that summarizes the requirements for the purchase of services or products. Th...