Regulation .03 Determining Fair Market Price.
Regulation .03 Determining Fair Market Price.LinkCopy Citation
A.
In determining fair market prices for services or supplies, the Pricing and Selection Committee for Preferred Providers may consider:
(1)
The price on the open market of a similar quantity of services or supplies of equal quality and standards that meet the requirements of the procurement agencies;
(2)
The price last paid as a result of a competitive procurement selection process for substantially similar services or supplies as adjusted for inflation, deflation, or other change in market conditions;
(3)
A reliable independent appraisal of the value of substantially similar services or supplies;
(4)
A procurement agency's or control authority's reasonable estimate of the cost of substantially similar services or supplies and any other pertinent information; and
(5)
The cost of the services if performed by State personnel.
B.
If the fair market price for a service or supply cannot be determined absent a competitive procurement, the solicitation shall notify prospective bidders or offerors that one or more selling entities may respond to the solicitation and that any subsequent contract may be awarded to a selling entity if its bid or offer is deemed a fair market price by the Pricing and Selection Committee for Preferred Providers.
C.
Any negotiations conducted with a selling entity for the purpose of establishing a fair market price for a contract for services shall include a representative from the procurement agency.