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Code of Federal Regulations Title 48. Federal Acquisition Regulations System 48.16.202-2 Application

Current as of October 02, 2022 | Updated by FindLaw Staff

A firm-fixed-price contract is suitable for acquiring commercial items (see parts 2 and 12) or for acquiring other supplies or services on the basis of reasonably definite functional 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 prior purchases of the same or similar supplies or services made on a competitive basis or supported by valid certified cost or pricing data;

(c) Available cost or pricing information permits realistic estimates of the probable costs of performance;  or

(d) Performance uncertainties can be identified and reasonable estimates of their cost impact can be made, and the contractor is willing to accept a firm fixed price representing assumption of the risks involved.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 48. Federal Acquisition Regulations System 48.16.202-2 Application - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-48-federal-acquisition-regulations-system/cfr-48-16-202-2/

Read this complete Code of Federal Regulations Title 48. Federal Acquisition Regulations System 48.16.202-2 Application on Westlaw

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