Best and Final Offer

Best and Final Offer, also referred to as 'BAFO', is the final offer provided within the negotiation process.

In an RFx process, it's the final call for improvements to a proposed deal.

Best and Final Offer is often a revision of an offer already submitted - based on multiple negotiations.

It is also used by Parties who are dealing with multiple bids. 

Requesting a Best and Final Offer can prevent bidding wars from occurring in scenarios such as construction projects. 

After a Best and Final Offer has been made, it is natural that further negotiation will not be made.