What Does BAFO Stand For?

BAFO stands for Best And Final Offer

BAFO, or Best And Final Offer, is a crucial stage in the procurement process where bidders are invited to submit their most competitive and conclusive proposals. This step typically follows initial bidding rounds and aims to encourage participants to present their optimal terms regarding price, quality, and deliverables. The BAFO process helps organizations make informed decisions by ensuring they receive the best possible offers before finalizing contracts.