Procurement Terms
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The BAFO is normally the final step of most negotiations. It represents the final position of either the Supplier or Buyer. If that offer is not accepted the negotiations are concluded and potential other options are considered.
- Best and Final Offer
- Best and Final Offer
A Bill of Material is the list of materials that go into a product to be delivered by a Supplier. It most commonly used in manufacturing and technology industries and can include raw materials, sub-components, sub-assemblies and rigging. The Bill of Material will detail the exact part numbers and quantities required for the desired delivery. It is common for a Bill of Material to be used as a key sourcing document in Direct Procurement.