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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.



Acronym:

BAFO

Broader Terms:

Federal Acquisition Regulation

Narrower Terms:

acquisition
contract
procurement

Related Terms:

Air Force Materiel Command
bids (contracts)
contract proposals
contract solicitation
requests for proposal (public contracts)
US Army Material Command, Combatant Command, Functional


CALL Homepage >> Thesaurus Last Updated: Sept 17, 2008