RFI, RFP, RFQ & tender documents · Core
Best and final offer
Also called: BAFO
ELI5
A supplier's final revised offer after negotiation or clarification.
Used in conversation
“Which version of best and final offer should the board treat as current?”
Pitch context
You will see “Best and final offer” in operating plans, procurement packs, supplier reviews and supply-chain reports when the discussion reaches rfi, rfp, rfq & tender documents.
Why it matters: In rfi, rfp, rfq & tender documents, a loose definition can change rights, obligations, approval, disclosure or enforceability.
Caution
Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.
Sources & evidence · 6
Direct term-level sources and supporting source families.
- U.S. Acquisition.gov — Federal Acquisition Regulation Part 15 — Contracting by NegotiationDirect source · primary · checked 2026-08-16
- UK Government — Groceries Supply Code of PracticeDirect source · primary · checked 2026-08-16
- U.S. Small Business Administration — Write your business planSupporting source family · primary · checked 2026-08-16
- Y Combinator — YC Startup Library — fundraising and pitching resourcesSupporting source family · practitioner · checked 2026-08-16
- U.S. Securities and Exchange Commission — Small Business Capital Formation GlossarySupporting source family · primary · checked 2026-08-16
- U.S. Bureau of Labor Statistics — Productivity programmeSupporting source family · primary · checked 2026-08-16