This article focuses on the problem of bandwidth allocation to users of Cloud data centers. An interesting approach is to use advance bandwidth reservation. Such systems usually assume all requests demand either bandwidth-guarantee (BG) or timeguarantee (TG), but not both. Hence the solutions are tailored for one type of requests. A BG request demands guarantee on bandwidth; whereas a TG request demands guarantee on time for transfer of data of specified volume. We define a new model that allows users to not only submit both kinds of requests, but also specify flexible demands. We tie up the problem of bandwidth allocation with differential pricing, that gives discounts to users based on the flexibility in their requests. We propose a two-phase, adaptive and flexible bandwidth allocator (A-FBA) that, in one phase admits and allocates minimal bandwidth to dynamically arriving user requests, and in another phase, allocates additional bandwidth for accepted requests maximizing revenue. The problem formulated in first phase is N P-hard, while the second phase can be solved in polynomial time. We show that, in comparison to a traditional deterministic model, the A-FBA not only increases the number of accepted requests significantly, but also does so by generating higher revenues.