3503.1 The contracting officer shall determine, in writing, that the price to be paid to the successful offeror is fair and reasonable.

3503.2 When only one (1) response is received to a request for quotations, or the price variance between multiple responses reflects a lack of adequate competition, the contracting officer shall include a statement in the contract file giving the basis for the determination of a fair and reasonable price.

3503.3 The determination that a proposed price is fair and reasonable may be based on either of the following:

(a) Competitive quotations; or

(b) Comparison of the proposed price with prices found reasonable, on previous purchases, current price lists, advertisements, similar items, catalogues, value analyses, the contracting officer's personal knowledge of the item being purchased, or any other reasonable basis.

3503.4 The contracting officer shall establish and maintain informal records of oral price quotations and include the record in the purchase file. The informal records shall consist of the names of the suppliers contacted and the prices and other terms and conditions quoted by each.

3503.5 The contracting officer may limit written records of solicitations to notes or abstracts to show prices, delivery, references to printed price lists used, the vendor or vendors contacted, and other pertinent data.

3503.6 The contracting officer shall retain records supporting small purchases for a minimum of three (3) years.

3503.7 The contracting officer shall notify unsuccessful suppliers only if requested.

SOURCE: Final Rulemaking published at 39 DCR 2566 (April 10, 1992).