BAFO (Best And Final Offer)
Best and Final Offer (BAFO) is a term used in procurement to describe the final offer received from a potential supplier. It is typically the most favourable offer that reflects both the customer’s needs and budget constraints. BAFO can also refer to any written or verbal adjustments to an initial offer made by the supplier as part of the evaluation process. By submitting a BAFO, suppliers demonstrate their commitment to providing the best value for money and ensuring complete satisfaction with the product or service provided.
