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Price Reasonableness

Determination that proposed price is fair for what's being purchased.

Definition

Price Reasonableness Determination that proposed price is fair for what's being purchased.

Definition

Price reasonableness is the contracting officer's determination that a proposed price is fair based on market conditions, competition, or cost analysis. Techniques include comparing to competitive quotes, historical prices, independent estimates, or detailed cost analysis.

Related Terms

  • Cost Realism

    Evaluation of whether proposed costs are realistic for the work.

  • Price Analysis

    Evaluation of proposed prices compared to benchmarks to determine reasonableness.

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