Which is the best definition of reasonable costs?
Definition of Reasonable Costs. Reasonable Costs means the reasonable actual costs and expenses incurred by us in carrying out any further Audit under this Contract, including, but not limited to, reasonable travel and subsistence costs; Sample 1. Sample 2.
Which is the best synonym for reasonable price?
Reasonable Price synonyms. Top synonyms for reasonable price (other words for reasonable price) are reasonable cost, affordable price and reasonable prices.
What is the definition of fair and reasonable pricing?
According to the Federal Acquisition Regulation, “A cost in its amount and nature is known as reasonable, if it does not exceed the cost which would be incurred in the conduct of the business.” Fair and reasonable pricing dramatically affects the government outcomes.
How to determine the reasonableness of a price?
In all cases, a main consideration is to assure that the price to be paid for goods and services is fair and reasonable. This is essential to insure that both University and external funds are utilized in a cost effective manner and to conserve funding where resources are limited. Each price analysis or cost analysis MUST be documented in writing.
What is a reasonable cost?
Reasonable Costs. A reasonable cost is a cost properly charged to a Federal grant or cooperative agreement that does not exceed what a prudent person would pay under similar circumstances.
What is a cost realism?
cost realism. Characteristic of a bid or proposal in which the computed and estimated costs are based on a coherent logic and are corroborated by authoritative or factual data. Cost realism is concerned more about reasonableness than precision.
How do you determine fair and reasonable?
A fair and reasonable price is characterized by factoring industry and market pricing with the expected value and quality of products, solutions and/or services to be received. Fair and reasonable does not necessarily mean the lowest offer. Fair and reasonable pricing is determined by conducting either a price analysis or cost analysis.
What is price realism analysis?
A Price Realism Analysis examines the performance risk of proposals in a fixed-price contract procurement, with particular attention to the risk of low-priced proposals, and may include cost realism analysis.