Where people get confused is assuming it is a distinct legal process with its own form. It is not. Saskatchewan offers run through the standard Saskatchewan Real Estate Commission contract regardless of how many buyers are competing, and a best and final round simply changes the negotiating dynamic, not the paperwork a lawyer eventually closes on.
The strategic difference for a buyer is that you usually get one shot rather than a back and forth, so the terms that matter, financing and inspection conditions among them, need to be decided before you submit rather than negotiated afterward. A buyer who waives an inspection to compete needs the $400 to $600 an inspection would have cost spent on due diligence some other way.
For a seller, calling it best and final does not make the highest number automatically the right one, since an offer with a shorter financing condition and fewer conditions can close more reliably than a higher offer that falls apart in week three. Joel Dyck helps sellers weigh those offers on more than price alone. Get your hand-reviewed valuation from Joel Dyck.