Md. Code Regs. 21.11.05.03

Current through Register Vol. 51, No. 12, June 14, 2024

Section 21.11.05.03 - Determining Fair Market Price

A. In determining fair market prices for services or supplies, the Pricing and Selection Committee for Preferred Providers may consider:

(1) The price on the open market of a similar quantity of services or supplies of equal quality and standards that meet the requirements of the procurement agencies;

(2) The price last paid as a result of a competitive procurement selection process for substantially similar services or supplies as adjusted for inflation, deflation, or other change in market conditions;

(3) A reliable independent appraisal of the value of substantially similar services or supplies;

(4) A procurement agency's or control authority's reasonable estimate of the cost of substantially similar services or supplies and any other pertinent information; and

(5) The cost of the services if performed by State personnel.

B. If the fair market price for a service or supply cannot be determined absent a competitive procurement, the solicitation shall notify prospective bidders or offerors that one or more selling entities may respond to the solicitation and that any subsequent contract may be awarded to a selling entity if its bid or offer is deemed a fair market price by the Pricing and Selection Committee for Preferred Providers.

C. Any negotiations conducted with a selling entity for the purpose of establishing a fair market price for a contract for services shall include a representative from the procurement agency.

Md. Code Regs. 21.11.05.03

Regulation .03 amended effective 50:18 Md. R. 800, eff. 9/18/2023