UK
Best and final offers
A best-and-final round asks everyone who has already offered to submit their highest offer by a set time. The vendor then chooses. It is not an auction, and the highest figure does not have to win.
Also called Best and final, Sealed offers.
Run it only on instruction
The vendor decides to invite best and finals, the deadline, and who is invited. Tell each buyer the deadline and that the vendor is not obliged to pick the highest number. They may prefer a chain-free buyer or a buyer who can move on a date that suits.
After the deadline
Report every bid that arrived, including late ones, and mark which were late. The vendor decides whether a late bid is considered. Confirm the accepted figure in writing before you tell the unsuccessful buyers.
Questions
What does Best and final offers mean?
A best-and-final round asks everyone who has already offered to submit their highest offer by a set time. The vendor then chooses. It is not an auction, and the highest figure does not have to win.
General information for agency staff, not legal advice. Rules and local practice change. Check the official source before you rely on a definition in a client letter.