A Duty To Update Proposals After Submission Of BAFO?
October 17, 2012, 2:18 PM EDT
Law360, New York (October 17, 2012, 2:18 PM EDT) -- Honesty may always be the best policy. But is honesty just telling the truth? Or does it include volunteering information about something that no longer is true? These questions are relevant to whether companies must correct information in a “best and final offer” (“BAFO”), or any proposal, that was true when submitted but might not be true by the time the contract is awarded.
In a negotiated procurement under Federal Acquisition Regulation Part 15, the contracting agency first solicits proposals and either awards the contract outright...
Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.