Negotiation
Negotiation is a process through which each party tries to achieve their goals in the context of the relationship with the other party. Negotiation can support the Borrower in achieving the optimum Fit for Purpose solution, as Negotiation allows for an iterative two-way communication between Borrowers and Bidders/Proposers, focusing on improving various aspects of Bids/Proposals
Win-Win approach. The aim of a ‘Win-Win’ Negotiation is to find a solution that is acceptable to both parties, and leaves both parties feeling that they’ve won, in some way, after the Negotiation.
Best and Final Offer (BAFO)
BAFO refers to a multi-stage procurement process, in which Borrowers invite Bidders/Proposers that have submitted substantially responsive Bids/Proposals to submit their Best and Final Offer
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Professional Practice Study notes for M. plan Sem-IV
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