Determination of Fair Market Price

The contracting officer shall recommend a fair market price for products and services in accordance with the State Use Committee's approved Fair Market Price Policy and in the manner described in this section.

The contracting officer shall prepare a current market analysis to determine the fair price for the products or services requisitioned or used by state agencies utilizing internal as well as external sources and established pertinent criteria. When appropriate, the criteria may include, but not be limited to:
1. A survey of comparable private contracts for like products and services;
2. Research of other governmental entities within and outside the State of Oklahoma;
3. Comparison, when appropriate, of wholesale and retail pricing of like commodities.
Based on the data described in OAC 260:120-1-4(1), the contracting officer or designee shall recommend a fair market price with supporting documentation to the Committee for consideration.
The Committee shall, by majority vote, approve, modify, amend or disapprove the recommended fair market price.
Whenever the Committee establishes a price, the price shall become the fair market price.
If the product or service is one for which the pricing does not vary by state agency or location, the fair market price as approved, modified, or amended, shall remain in effect until the Committee establishes a new fair market price.
If the product or service is one for which the price does vary depending on the state agency, location, or specifications, the Committee shall approve, each contract for the product or service.
If the product or service is one for which fair market has not been established, either because the fair market for the type of product or service has been determined to vary depending on the state agency, location or specifications, the Contracting Officer, with the approval of the State Purchasing Director, is authorized to award a contract in accordance with the State Use Fair Market Price Policy to a qualified individual or organizations, thereby establishing fair market price, which establishment shall be subject to ratification by the Committee at the next regular Committee meeting.
In the event of an emergency, with approval of the State Purchasing Director, the contracting officer may award a contract to an individual or agency for a maximum period of three (3) months without prior Committee approval, but subject to Committee approval at the next regular Committee meeting. If the Committee approves the contract, the contract shall terminate at the end of the contract period.

State Use Committee
74 O.S. § 3005	Determination of Fair Market Price

OAC 260:120-1-4 - Determination of Fair Market Price

Associated Statutes

Purchasing Reference Guide