DEFINITION of 'Best And Final Offer'
1. In real estate, a prospective buyer's last and highest offer. A best and final offer is typically submitted in response to a bidding war. A seller who has received several offers will ask either all bidders or the top bidders to submit their best and final offers. This type of offer presents the most favorable terms the buyer is willing to offer the seller for the purchase of the property. In some multiple offer situations, the seller will request that potential buyers submit only one offer that is their best and final offer.

2. In government contracting, a vendor's response to a contracting officer's request that vendors submit their last and most attractive bids to secure a contract for a particular project. Best and final offers are submitted during the final round of negotiations.

1. In addition to increasing the purchase price, in a best and final offer, a prospective buyer may shorten or lengthen the time to close, ask for fewer seller concessions and/or waive contingencies for a home inspection or financing approval. Buyers will make these changes in an attempt to be the most competitive bidder and get the home under contract.

2. A company's best and final offer for a government contract will be its lowest-priced offer with the most favorable terms. By asking for a best and final offer, a government agency may be able to secure a contract at a lower price.

http://www.investopedia.com/terms/b/best-and-final-offer.asp
大学采购应该类似于政府采购，也就是例子中的第二种情况。可以通过这个方法寻找到最好（最低最划算）的价格。

Request for proposal
https://en.wikipedia.org/wiki/Request_for_proposal#Specifications
In most instances, only selected bidders may be invited to participate in subsequent bids, or may be asked to submit their best technical and financial proposal, commonly referred to as a Best and Final Offer (BAFO). Subsequent changes can be referred to as the Best and Revised Final Offer (BARFO).

Best and Final Offer
https://www.cips.org/Knowledge/procurement-glossary/B/
Best and final offer [BAFO] refers to a multi-stage procurement process, in which written offers from bidders are subject to clarification and/or negotiation, and then the bidders are invited to submit their final offer, which will not be subject to subsequent negotiation.  Such processes may be appropriate when the scope of work is not well defined, the bidders’ offers are substantially different and/or the procurement process represents an opportunity for buyer and bidders to develop their understanding of potential solutions.