Is RFI,RFP,RFQ,RFT legally binding ? Is it like a contract ?
I would like to ask if RFI, RFP, RFQ, RFT are legally binding ? If I submit RFI, RFP, RFQ or RFT is it equal to a signed contract ?
Whether RFI, RFP, RFQ, RFT is or is not legally binding depends on applied law. In some countries, RFP may be legally binding if all the legal requirements are met.
RFP usually results into a contract, but in some cases it may be considered as a contract itself.
RFI is usually not legally binding, because it is focused mostly on gathering information. It does not typically result in a contractual relationship.
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