Javits Wagner O'Day Act
[Code of Federal Regulations]
[Title 41, Volume 1, Parts 1 to 100]
[Revised as of July 1, 1998]
From the U.S. Government Printing Office via GPO Access
[CITE: 41CFR511.1]
TITLE 41 PUBLIC CONTRACTS AND PROPERTY MANAGEMENT

CHAPTER 51

COMMITTEE FOR PURCHASE FROM PEOPLE
 WHO ARE BLIND OR SEVERELY DISABLED

Sec. 512.7  Fair market price.

    The Committee is responsible for determining the fair market prices, and changes thereto, for commodities and services on the Procurement List. The Committee establishes the initial fair market price at the time a commodity or service is added to the Procurement List. In cases where initial prices are not based on competitive bids, the Committee considers recommendations from contracting activities and the central nonprofit agency concerned. Prices are revised in accordance with changing market conditions as reflected primarily by economic indices and changes in nonprofit agency costs, as provided in Committee pricing procedures. Recommendations for fair market prices or changes thereto shall be submitted by the nonprofit agencies to the appropriate central nonprofit agency. The central nonprofit agency shall analyze the data and submit a recommended fair market price to the Committee accompanied by the information required by the Committee's pricing procedures to support the recommended price.

[59 FR 59342, Nov. 16, 1994]