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48 CFR · Federal Acquisition Regulation and Defense supplement

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The codified text (eCFR, as of 2026-10-02). Under the Revolutionary FAR Overhaul ↗, agencies follow class deviations with new text for many parts while the formal rules go through the Federal Register: check the solicitation and your contract's clauses, which rule.

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45 sections with “fair and reasonable prices”: the first 40

  • FAR 15.402 Pricing policy.
    …ntracting officers shall— (a) Purchase supplies and services from responsible sources at fair and reasonable prices. In establishing the reasonableness of the offered prices, the contracting officer— (1) Shall obtain certified cost or pri…
  • DFARS 215.407-5-70 Disclosure, maintenance, and review requirements.
    …le, documented, and timely cost estimates that are an acceptable basis for negotiation of fair and reasonable prices; (iii) Is consistent with and integrated with the contractor's related management systems; and (iv) Is subject to applica…
  • DFARS 252.215-7010 Requirements for Certified Cost or Pricing Data and Data Other Than Certified Cost or Pricing Data.
    …nt necessary to determine whether an exception should be granted and whether the price is fair and reasonable. (i) Exception for prices set by law or regulation—Identification of the law or regulation establishing the prices offered. If th…
  • FAR 2.101 Definitions.
    …ost data, and judgmental information necessary for the contracting officer to determine a fair and reasonable price or to determine cost realism. Such data may include the identical types of data as certified cost or pricing data, consisten…
  • FAR 8.405-3 Blanket purchase agreements (BPAs).
    …uotes from at least three schedule contractors. (C) Shall ensure all quotes received are fairly considered and award is made in accordance with the basis for selection in the RFQ. After seeking price reductions (see 8.405-4), establish the…
  • FAR 13.106-3 Award and documentation.
    …d. Before making award, the contracting officer must determine that the proposed price is fair and reasonable. (1) Whenever possible, base price reasonableness on competitive quotations or offers. (2) If only one response is received, inc…
  • FAR 15.403-1 Prohibition on obtaining certified cost or pricing data (10 U.S.C. chapter 271 and 41 U.S.C. chapter 35).
    …an certified cost or pricing data as defined in FAR 2.101 to support a determination of a fair and reasonable price or cost realism)— (1) When the contracting officer determines that prices agreed upon are based on adequate price competiti…
  • FAR 15.403-3 Requiring data other than certified cost or pricing data.
    …e available from Government or other secondary sources and use that data in determining a fair and reasonable price; (ii) Require submission of data other than certified cost or pricing data, as defined in 2.101, from the offeror to the ex…
  • FAR 15.404-1 Proposal analysis techniques.
    …eneral. The objective of proposal analysis is to ensure that the final agreed-to price is fair and reasonable. (1) The contracting officer is responsible for evaluating the reasonableness of the offered prices. The analytical techniques an…
  • FAR 16.505 Ordering.
    …n under the Treasury Offset Program (TOP). (b) Orders under multiple-award contracts—(1) Fair opportunity. (i) The contracting officer must provide each awardee a fair opportunity to be considered for each order exceeding the micro-purchas…
  • FAR 31.205-6 Compensation for personal services.
    …e following additional restrictions apply: (i) Valuation placed on the securities is the fair market value on the first date the number of shares awarded is known, determined upon the most objective basis available. (ii) Accruals for the …
  • FAR 52.212-3 Offeror Representations and Certifications—Commercial Products and Commercial Services.
    …Locator Subsystem, or successor system that is maintained by the Department of Veterans Affairs' Veterans Benefits Administration, as a service-disabled veteran. Service-disabled veteran-owned small business (SDVOSB) concern eligible under…
  • FAR 15.408 Solicitation provisions and contract clauses.
    …er fixed-price-incentive and fixed-price-redeterminable arrangements should be net of the fair market value of such inventory. In support of subcontract costs, submit a listing of all subcontracts subject to repricing action, annotated as t…
  • FAR 52.212-1 Instructions to Offerors—Commercial Products and Commercial Services.
    …e General Services Administration, Department of Agriculture, or Department of Veterans Affairs issued this solicitation, a copy of specifications, standards, and commercial item descriptions cited in this solicitation may be obtained from …
  • FAR 52.215-20 Requirements for Certified Cost or Pricing Data and Data Other Than Certified Cost or Pricing Data.
    …t necessary to determine whether an exception should be granted, and whether the price is fair and reasonable. (i) Identification of the law or regulation establishing the price offered. If the price is controlled under law by periodic rul…
  • FAR 52.215-21 Requirements for Certified Cost or Pricing Data and Data Other Than Certified Cost or Pricing Data—Modifications.
    …t necessary to determine whether an exception should be granted, and whether the price is fair and reasonable— (i) Identification of the law or regulation establishing the price offered. If the price is controlled under law by periodic rul…
  • FAR 52.249-2 Termination for Convenience of the Government (Fixed-Price).
    ….202 of the Federal Acquisition Regulation, in effect on the date of this contract, to be fair and reasonable; however, if it appears that the Contractor would have sustained a loss on the entire contract had it been completed, the Contract…
  • DFARS 215.403-1 Prohibition on obtaining certified cost or pricing data (10 U.S.C. chapter 271 and 41 U.S.C. chapter 35).
    … modification, without the granting of the waiver; (2) The price can be determined to be fair and reasonable without the submission of certified cost or pricing data; and (3) There are demonstrated benefits to granting the waiver. Follow …
  • DFARS 245.604-1 Sales procedures.
    …d. Plant clearance officers shall— (i) Evaluate bids to establish that the sale price is fair and reasonable, taking into consideration— (A) Knowledge or tests of the market; (B) Current published prices for the property; (C) The nature…
  • DFARS 252.215-7002 Cost Estimating System Requirements.
    …le, documented, and timely cost estimates that are an acceptable basis for negotiation of fair and reasonable prices; (3) Is consistent with and integrated with the Contractor's related management systems; and (4) Is subject to applicable…
  • DFARS 252.244-7001 Contractor Purchasing System Administration.
    …livery, technical capabilities, and financial capabilities of competing vendors to ensure fair and reasonable prices; (9) Require management level justification and adequate cost or price analysis, as applicable, for any sole or single sou…
  • FAR 8.404 Use of Federal Supply Schedules.
    … services, and rates for services offered at hourly rates, under schedule contracts to be fair and reasonable. Therefore, ordering activities are not required to make a separate determination of fair and reasonable pricing, except for a pri…
  • FAR 16.202-2 Application.
    …ional or detailed specifications (see part 11) when the contracting officer can establish fair and reasonable prices at the outset, such as when— (a) There is adequate price competition; (b) There are reasonable price comparisons with pri…
  • FAR 36.601-1 Public announcement.
    …rated competence and qualifications of prospective contractors to perform the services at fair and reasonable prices. (See 40 U.S.C. 1101 et seq.)
  • FAR 52.216-5 Price Redetermination—Prospective.
    …above, the Contracting Officer and the Contractor shall promptly negotiate to redetermine fair and reasonable prices for supplies that may be delivered or services that may be performed in the period following the effective date of price re…
  • FAR 52.216-6 Price Redetermination—Retroactive.
    …above, the Contracting Officer and the Contractor shall promptly negotiate to redetermine fair and reasonable prices for supplies delivered and services performed by the Contractor under this contract. (e) Contract modification. The negoti…
  • FAR 8.402 General.
    …and issue orders electronically. Posting an RFQ on eBuy— (i) Is one medium for providing fair notice to all schedule contractors offering such supplies and services as required by 8.405-1, 8.405-2, and 8.405-3; and (ii) Is required when a…
  • FAR 16.504 Indefinite-quantity contracts.
    … more than a nominal quantity, but it should not exceed the amount that the Government is fairly certain to order. (3) The contract may also specify maximum or minimum quantities that the Government may order under each task or delivery or…
  • FAR 19.502-2 Total small business set-asides.
    …ers from two or more responsible small business concerns that are competitive in terms of fair market prices, quality, and delivery. If the contracting officer receives only one acceptable offer from a responsible small business concern in …
  • FAR 19.503 Reserves.
    …e there is no reasonable expectation of receiving offers that are competitive in terms of fair market prices, quality, and delivery from at least two responsible small business concerns identified in 19.000(a)(3), that can perform the entir…
  • FAR 52.249-3 Termination for Convenience of the Government (Dismantling, Demolition, or Removal of Improvements).
    ….202 of the Federal Acquisition Regulation, in effect on the date of this contract, to be fair and reasonable; however, if it appears that the Contractor would have sustained a loss on the entire contract had it been completed, the Contract…
  • FAR 8.405-2 Ordering procedures for services requiring a statement of work.
    …tain quotes from at least three schedule contractors. (C) Ensure all quotes received are fairly considered and award is made in accordance with the evaluation criteria in the RFQ. (4) The ordering activity shall provide the RFQ (including…
  • FAR 12.207 Contract type.
    …the Government's expressed requirement from two or more responsible offerors; or (C) The fair opportunity procedures in 16.505 (including discretionary small business set-asides under 16.505(b)(2)(i)(F)), if placing an order under a multip…
  • FAR 15.201 Exchanges with industry before receipt of proposals.
    …ut no later than the next general release of information, in order to avoid creating an unfair competitive advantage. Information provided to a potential offeror in response to its request must not be disclosed if doing so would reveal the …
  • FAR 15.404-3 Subcontract pricing considerations.
    (a) The contracting officer is responsible for the determination of a fair and reasonable price for the prime contract, including subcontracting costs. The contracting officer should consider whether a contractor or subcontractor has an app…
  • FAR 15.404-4 Profit.
    …re on the price negotiation memorandum or other documentation supporting determination of fair and reasonable price documents the contracting officer's determination that the statutory price or fee limitations have not been exceeded. (5) T…
  • FAR 17.804 Procedures.
    …tion of only one offeror; or (2) Accept the offer, only if the price is determined to be fair and reasonable (see 13.106-3(a)(2) and 15.404-1).
  • FAR 31.102 Fixed-price contracts.
    …ry use of cost principles, the objective will continue to be to negotiate prices that are fair and reasonable, cost and other factors considered.
  • FAR 32.1004 Procedures.
    …sed payments, the contracting officer shall ensure that— (i) The total contract price is fair and reasonable, all factors considered; and (ii) Performance-based payment amounts are commensurate with the value of the performance event or p…
  • FAR 52.232-16 Progress Payments.
    …ent of the costs of performing this contract in the ordinary course of business. (5) The fair value of the undelivered work is less than the amount of unliquidated progress payments for that work. (6) The Contractor is realizing less prof…

FAR (chapter 1)

DFARS (chapter 2, Defense)

Source: eCFR, 48 CFR chapters 1 and 2 (GPO GovInfo bulk data) ↗. Rule changes in progress: FAR, DFARS. Terms: glossary.