Best And Final Offer (Bafo)
A best and final offer (BAFO) is a formal proposal made by a contractor in response to a request for proposal (RFP). The BAFO is usually the last step in the procurement process, and it is generally the most detailed and binding offer made by the contractor.
In order to make a BAFO, the contractor must first thoroughly review the RFP and understand all of the requirements. Once the contractor has a good understanding of what is required, they will put together their best offer. This offer will include all of the elements required by the RFP, as well as any other information that the contractor believes will help them win the contract.
After the BAFO is submitted, the procuring agency will review all of the offers and make a decision. In some cases, the agency may ask for clarification from one or more of the contractors before making a decision. Once a decision has been made, the selected contractor will be notified and can begin work on the project.