An RFP is a formal solicitation for competitive sealed proposals.Proposals are publicly opened. If stated in the RFP, final costs and scope of work may be subject to negotiation after the proposals are received and before the contract is awarded. An RFP results in an award to the highest scoring responsive and responsible proposer. The following procedure shall be followed for RFPs:RFPs are issued and public notice given by the procuring agency; technical responses to RFPs arepublicly opened and recorded electronically by the Board and forwarded to the procuring agency for review, consideration, and scoring; at the request of the procuring agency, price proposals arepublicly opened and recorded electronically by the Board and forwarded to the procuring agency; the Board shall forward paper or hard copy documents required by law or the terms or specifications of a solicitation to the procuring agency for processing and evaluation; once filed, a proposal is irrevocable; until a proposed award for an RFP is posted, all technical responses to RFPs may not be released to the public, except as required by <cite data-path="27.01.02.04">Regulation .02.04</cite>; the procuring agency submits its recommendation for award or rejection of all proposals to the Board; in the case of tie bids, the procuring agency shallprovide written notice to the Department of Finance, and make a written recommendation to the Board setting forth all pertinent considerations and reasons for its recommendation; the Board, after considering the recommendation of the Department of Finance, may then award the contract as long as the total cost to the City does not exceed the amount of the tie bid; the Board shall post the name of the proposed contract awardee or the proposed rejection of all proposals on the Board’s agenda; the Board shallaward the contract as an entirety to the highest scoring responsive and responsible proposer or reject all proposals; the decision to reject all proposals is final; the procuring agency may negotiate a contract with the proposed awardee if negotiation is provided for in the solicitation.