The whole process from RFP to term sheet is estimated to take two months to complete.
Once data is collected, the RFP can be open for as little as 3-4 weeks, depending on expected provider interest. Buyers are expected to respond to any information requests during this period. Once the RFP is closed, Station A will present the quotes so that they can be easily compared on as much of an apples-to-apples basis as possible.
Sample Timeline
|
Event |
Details |
Timing |
|
RFP Open |
Request for Proposal (RFP), the open period when providers can evaluate a project and submit a bid | March 31 -> April 28 |
| RFI Questions Due | Request for Information (RFI), refers to period of time where providers can ask questions of the project to the buyer | April 7 |
| Final Proposal Due | April 28 | |
| RFP Quote Presentation | Station A's presentation of bids in an understandable and comparable format | May 5 |
| 3-Way Term Sheet Executed | Binding contract between the buyer, the provider(s) and Station A | May 19 |