In determining fair market prices for services or supplies, the Pricing and Selection Committee for Preferred Providers may consider: 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; 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; A reliable independent appraisal of the value of substantially similar services or supplies; 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 The cost of the services if performed by State personnel. 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. 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.