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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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62 sections with “fair value”: the first 40

  • 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 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 32.503-6 Suspension or reduction of payments.
    …sfactory contract performance. (3) In all cases, the contracting officer shall— (i) Act fairly and reasonably; (ii) Base decisions on substantial evidence; and (iii) Document the contract file. Findings made under paragraph (c) of the P…
  • 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…
  • FAR 3.705 Procedures.
    …ess shall be as informal as is practicable, consistent with the principles of fundamental fairness. As a minimum, however, agencies shall provide the following: (1) A notice of the proposed action to declare void and rescind the contract s…
  • 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 15.404-1 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 52.222-62 Paid Sick Leave Under Executive Order 13706.
    …ge Rate Requirements (Construction) statute (40 U.S.C. chapter 31, subchapter IV), or the Fair Labor Standards Act (29 U.S.C. chapter 8); (B) Including employees who qualify for an exemption from the Fair Labor Standards Act's minimum wage…
  • 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 8.404 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 31.205-11 Depreciation.
    … of 31.205-52 shall be observed. (2) In the event of a write-down from carrying value to fair value as a result of impairments caused by events or changes in circumstances, allowable depreciation of the impaired assets is limited to the am…
  • FAR 31.205-49 Goodwill.
    …of the identifiable individual assets acquired less liabilities assumed, based upon their fair values. The excess is commonly referred to as goodwill. Goodwill may arise from the acquisition of a company as a whole or a portion thereof. Any…
  • FAR 49.204 Deductions.
    …s from any materials sold that have not been paid or credited to the Government; (b) The fair value, as determined by the TCO, of any part of the termination inventory that, before transfer of title to the Government or to a buyer under pa…
  • FAR 52.219-9 Small Business Subcontracting Plan.
    …recognized by the Federal Government as eligible for services from the Bureau of Indian Affairs in accordance with 25 U.S.C. 1452(c). This definition also includes Indian-owned economic enterprises that meet the requirements of 25 U.S.C. 14…
  • FAR 52.222-55 Minimum Wages for Contractor Workers Under Executive Order 14026.
    … by Executive Order 14026, and — (A) Whose wages under such contract are governed by the Fair Labor Standards Act (29 U.S.C. chapter 8), the Service Contract Labor Standards statute (41 U.S.C. chapter 67), or the Wage Rate Requirements (Co…
  • 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 52.247-64 Preference for Privately Owned U.S.-Flag Commercial Vessels.
    …h in paragraph (a) above, to the extent that such vessels are available at rates that are fair and reasonable for privately owned U.S.-flag commercial vessels. (c)(1) The Contractor shall submit one legible copy of a rated on-board ocean b…
  • DFARS 207.106 Additional requirements for major systems.
    …ws to address long-term competitive effects of program decisions. (3) In order to ensure fair and objective “make-or-buy” decisions by prime contractors, acquisition strategies and resultant solicitations and contracts shall— (i) Require …
  • DFARS 216.505 Ordering.
    …4 to the extent permitted by the contract. (b) Orders under multiple-award contracts—(1) Fair opportunity. (A) See 215.101-2-70 for the limitations and prohibitions on the use of the lowest price technically acceptable source selection pr…
  • DFARS 252.247-7023 Transportation of Supplies by Sea.
    …a subcontractor sufficiently explains that— (1) U.S.-flag vessels are not available at a fair and reasonable rate for commercial vessels of the United States; or (2) U.S.-flag vessels are otherwise not available. (e) The Contractor must …
  • FAR 5.301 General.
    …e) in accordance with 8.405-6; or (ii) Task or delivery orders awarded without providing fair opportunity in accordance with 16.505(b)(2). (3) A notice is not required under this section if the notice would disclose the executive agency's…
  • FAR 6.303-2 Content.
    …ermination by the contracting officer that the anticipated cost to the Government will be fair and reasonable. (8) A description of the market research conducted (see part 10) and the results or a statement of the reason market research wa…
  • 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 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 19.502-2 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 19.805-1 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…
  • 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 52.232-12 Advance Payments.
    …ment, and any other supporting financial statements furnished to the administering office fairly reflect the financial condition of the Contractor at the date shown or the period covered, and there has been no subsequent materially adverse …
  • DFARS 225.870-4 Contracting procedures.
    …n certified cost or pricing data from the offeror, to the extent necessary to determine a fair and reasonable price. (i) No further approval is required to request data other than certified cost or pricing data from the Canadian Commercial…
  • 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 252.215-7004 Requirement for Submission of Data Other Than Certified Cost or Pricing Data—Modifications-Canadian Commercial Corporation.
    …orks and Government Services Canada to the Canadian Commercial Corporation to determine a fair and reasonable price (comparable to the analysis required at FAR 15.404-1). (iii) Data other than certified cost or pricing data necessary to pe…
  • 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 1.102 Statement of guiding principles for the Federal Acquisition System.
    …tion; (2) Minimize administrative operating costs; (3) Conduct business with integrity, fairness, and openness; and (4) Fulfill public policy objectives. (c) The Acquisition Team consists of all participants in Government acquisition in…
  • FAR 5.406 Public disclosure of justification documents for certain contract actions.
    …rders greater than the simplified acquisition threshold and awarded without providing for fair opportunity must be posted in accordance with 16.505(b)(2)(ii)(D).
  • 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 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 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 (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.