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A project proposal, also known as a business proposal, defines the approach to fulfill specific project requirements and constraints. It serves as the first introduction to potential clients, highlighting your team's qualifications and establishing why you are the best fit. The proposal is a commitment to the plan of action if awarded the contract and must balance self-promotion with clear commitments regarding scope, timeline, and budget. Tailoring a proposal template can streamline the process for future requests, making it easier to create iterations.