Best and Final Offer
Definition/Scope: Best and Final Offers (BAFO) is often used when an organization believes the price could or should be better or when some elements of a proposal are confusing and need further definition. It is also to obtain additional information, which will provide a larger point different between competition proposals. This is essentially when the organization has received questions, comments, or concerns on a proposal and clarified its final request for bids. It could also be used to show that no further negotiation will occur. It is used in all forms of contract negotiations ranging from Department of Defense to labor disputes to agriculture to transportation contracts.
Broader Terms:Federal Acquisition Regulation
Related Terms:Air Force Materiel Command