Best and Final Offer (BAFO)

A Best and Final Offer (BAFO) is a negotiation process often used in business or government procurement. After initial proposals are submitted, the buyer asks parties to submit their best offers, taking into account feedback and requirements. This allows each bidder to refine and improve their proposal, often leading to better pricing or terms. The goal is to maximize value and ensure a competitive environment, helping the buyer make a more informed decision based on the most favorable options available. BAFO helps streamline negotiations by focusing on the best possible outcomes for the buyer and sellers.