fair and reasonable price

A fair and reasonable price is the price point for a good or service that is fair to both parties involved in the transaction.

A fair and reasonable price is the price point for a good or service that is fair to both parties involved in the transaction. This amount is based upon the agreed-upon conditions, promised quality and timeliness of contract performance. In government contracting, a fair and reasonable price is subject to both statutory and regulatory limitations.

This was first published in July 2007

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