Which term best describes a formal solicitation for proposals from vendors?

The term that best describes a formal solicitation for proposals from vendors is the Request for Proposal (RFP). An RFP is a document that organizations send out to solicit proposals from potential suppliers or service providers. It outlines the project details, requirements, and evaluation criteria that the vendors must address in their proposals. This process allows the organization to compare different solutions and select a vendor that best meets its needs.

An RFP is particularly useful in scenarios where the organization seeks not just pricing information but also detailed responses that include technical approaches, methodologies, timelines, and proposed costs. This thoroughness helps in making informed decisions based on various factors beyond just price.

While the other options represent various forms of vendor communication, they do not encompass the comprehensive nature of an RFP. An Invitation to Tender generally focuses on receiving bids for specific projects, while a Request for Quotation is typically used to ask for price estimates and is less detailed than an RFP. Vendor Search, on the other hand, is a more informal process that may not follow a standard solicitation format. Thus, the RFP stands out as the most suitable term for a formal vendor proposal solicitation.