Best and final offer [BAFO] refers to a multi-stage procurement process, in which written offers from bidders are subject to clarification and/or negotiation, and then the bidder[s] are invited to submit their final offer, which will not be subject to subsequent negotiation. Such processes may be appropriate when the scope of work is not well defined, the bidders’ offers are substantially different and/or the procurement process represents an opportunity for buyer and bidders to develop their understanding of potential solutions. See also RFx.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
