Solicitation Clarification is a formal process during a Request for Proposal (RFP) or Request for Quote (RFQ) where potential bidders seek additional information or explanation regarding the procuring entity’s requirements or specifications. Its purpose is to ensure all participants have a consistent and complete understanding of the solicitation document. In crypto RFQs, this is vital for precise pricing of institutional options or complex smart trading solutions.
Mechanism
The mechanism typically involves bidders submitting written questions to the procuring entity by a specified deadline. The procuring entity then provides written responses, often anonymized, to all participating bidders, ensuring fair and equal access to information. This iterative question-and-answer process addresses ambiguities in technical specifications, contractual terms, or performance expectations.
Methodology
The methodology mandates a centralized communication channel for all inquiries and responses, maintaining an auditable record of all clarifications. For crypto institutional options RFQs, this ensures consistent understanding of volatility models, settlement procedures, or collateral requirements. The strategic goal is to minimize misinterpretations that could lead to non-compliant bids or inaccurate pricing, thereby improving the quality and comparability of submissions.
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