Best and Final Offer (BAFO)
A BAFO request means you are still in it, and usually that you are close. It is not an invitation to discount. It is the buyer's last structured opportunity to test whether your price is real and whether your commitments survive contact with a contract.
The trap: Treating a BAFO as a price cut. The instinct is to shave the rate and hope, which tells the buyer two things you do not want them to know: that your original price had fat in it, and that a further request would find more. The stronger answer restructures where value sits. Payment terms, price hold length, risk sharing, volume mechanisms and free-at-the-point-of-use elements can all move real value without conceding the rate, and a reduction funded by reduced service is not a saving. Say that explicitly, and invite the panel to test it against your service levels.