Good afternoon FUN with the FAR Friends!
Thank you for joining us for our tenth episode of Season 11! Tim Sullivan was our host and Bill Walter was our guest speaker for this session, and they covered FAR Part 15.4 for our tenth episode of 2024!
FAR Part 15.4 (Special focus on contract pricing)
As a follow-up to Wednesday’s session, here are a few facts to ponder:
DID YOU KNOW?
FAR 4 price negotiations and procedures should be used by contracting officers to determine the price reasonableness of modifications offered under a sealed bid contract. FAR 15.400.
DID YOU KNOW?
As a general rule, a contracting officer will not need to obtain additional data to support the reasonableness of a contractor’s proposed price if “adequate competition” exists in a FAR 15.402(a)(2)(i).
DID YOU KNOW?
Cost realism analysis shall be performed on all cost-reimbursement contracts to determine the probable cost of performance of each offeror. FAR 15.404-1(d)(2).
DID YOU KNOW?
A prime contractor is required to conduct appropriate cost or price analysis to establish the reasonableness of proposed subcontractor pricing. FAR 15.404-3(b).
DID YOU KNOW?
A Certificate of Current Cost or Pricing Data requires contractor to certify that the cost or pricing data provided in support of their proposal to the Government is “current, accurate, and complete” as of the date of price agreement or earlier date agreed upon between the parties that is as close as practicable to the date of agreement on price. FAR 15.406-2.