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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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51 sections with “fair market price”: the first 40

  • FAR 19.807 Estimating the fair market price.
    (a) The contracting officer shall estimate the fair market price of the work to be performed by the 8(a) contractor. (b) In estimating the fair market price for an acquisition other than those covered in paragraph (c) of this section, the …
  • FAR 19.202-6 Determination of fair market price.
    (a) The fair market price shall be the price achieved in accordance with the reasonable price guidelines in 15.404-1(b) for— (1) Total and partial small business set-asides, and reserves (see subpart 19.5); (2) HUBZone set-asides (see sub…
  • FAR 8.707 Prices.
    (a) The prices of items on the Procurement List are fair market prices established by the Committee. All prices for supplies ordered under this subpart are f.o.b. origin. (b) Prices for supplies are normally adjusted semiannually. Prices f…
  • FAR 19.806 Pricing the 8(a) contract.
    …a) contractor. If the SBA requests audit assistance to determine the proposed price to be fair and reasonable in a sole source acquisition, the contracting activity shall furnish it to the extent it is available. (b) An 8(a) contract, sole…
  • 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 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…
  • 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 31.205-16 Gains and losses on disposition or impairment of depreciable property or other capital assets.
    … this subsection results in a loss— (i) The allowable portion of the loss is zero if the fair market value exceeds the undepreciated balance of the asset on the date the contractor becomes a lessee; and (ii) The allowable portion of the l…
  • 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 19.805-1 General.
    …ible and responsible 8(a) participants will submit offers and that award can be made at a fair market price; and (2) The anticipated total value of the contract, including options, will exceed $8.5 million for acquisitions assigned manufac…
  • 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 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 8.715 Replacement commodities.
    …ity in accordance with the Government's quality standards and delivery schedules and at a fair market price, the replacement commodity is automatically on the Procurement List and shall be acquired from the AbilityOne participating nonprofi…
  • FAR 10.002 Procedures.
    …eeds can be met by small business concerns that will likely submit a competitive offer at fair market prices (see part 19). (2) Techniques for conducting market research may include any or all of the following: (i) Contacting knowledgeabl…
  • FAR 15.404-2 Data to support proposal analysis.
    …stance when the information available at the buying activity is inadequate to determine a fair and reasonable price. The contracting officer shall tailor requests to reflect the minimum essential supplementary information needed to conduct …
  • FAR 19.001 Definitions.
    …n, joint venture, association, or cooperative. For more information, see 13 CFR 121.105. Fair market price means a price based on reasonable costs under normal competitive conditions and not on lowest possible cost (see 19.202-6). Industr…
  • FAR 19.501 General.
    … as a result of a small business set-aside if the cost to the awarding agency exceeds the fair market price. (g) For the applicability of the limitations on subcontracting and the nonmanufacturer rule, see 19.505.
  • FAR 19.502-3 Partial set-asides of contracts other than multiple-award contracts.
    … on the set-aside portion or portions of the acquisition that are competitive in terms of fair market prices, quality, and delivery; (5) The specific program eligibility requirements identified in this part apply; and (6) The solicitation…
  • FAR 19.502-4 Partial set-asides of multiple-award contracts.
    … on the set-aside portion or portions of the acquisition that are competitive in terms of fair market prices, quality, and delivery; and (5) The specific program eligibility requirements identified in this part apply. (b) When the contrac…
  • FAR 19.502-6 Setting aside a class of acquisitions for small business.
    …are any changes of such a material nature as to result in probable payment of more than a fair market price by the Government or in a change in the capability of small business concerns to satisfy the requirements, the contracting officer m…
  • FAR 19.502-9 Withdrawing or modifying small business set-asides.
    …ders that award would be detrimental to the public interest (e.g., payment of more than a fair market price), the contracting officer may withdraw the small business set-aside, whether it was unilateral or joint. The contracting officer sha…
  • FAR 19.810 SBA appeals.
    … contract, including the contracting officer's NAICS code designation and estimate of the fair market price. (4) A contracting officer's decision that an acquisition previously procured under the 8(a) program is a new requirement not subje…
  • FAR 19.1305 HUBZone set-aside procedures.
    …ceived from two or more HUBZone small business concerns; and (2) Award will be made at a fair market price. (c) If the contracting officer receives only one acceptable offer from a HUBZone small business concern in response to a set aside…
  • FAR 19.1405 Set-aside procedures.
    …ns eligible under the SDVOSB Program will submit offers; and (2) Award will be made at a fair market price. (c) Effective January 1, 2024, the contracting officer shall— (1) Verify that offers received are eligible for consideration for …
  • 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 8.602 Policy.
    …edures in subpart 19.5, or competition conducted in accordance with part 13); or (B) The fair opportunity procedures in 16.505, if placing an order under a multiple award delivery-order contract; (ii) Include FPI in the solicitation proce…
  • 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 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 19.1505 Set-aside procedures.
    …B concerns will submit offers for the contract; and (2) Contract award will be made at a fair and reasonable price. (c) A contracting officer may restrict competition to WOSB concerns eligible under the WOSB Program (including EDWOSB conc…
  • FAR 22.504 General requirements for project labor agreements.
    …y reduce the number of potential offerors to such a degree that adequate competition at a fair and reasonable price could not be achieved. (See 10.002(b)(1) and 36.104). A likely reduction in the number of potential offerors is not, by itse…
  • 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…
  • 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…
  • FAR 4.803 Contents of contract files.
    …icies. (17) Data and information related to the contracting officer's determination of a fair and reasonable price. This may include— (i) Certified cost or pricing data; (ii) Data other than certified cost or pricing data; (iii) Justifi…
  • FAR 8.405-1 Ordering procedures for supplies, and services not requiring a statement of work.
    … (4) The ordering activity contracting officer shall ensure that all quotes received are fairly considered and award is made in accordance with the basis for selection in the RFQ. (e) When an order contains brand-name specifications, the …

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.