The corresponding FAR Part 15 and DFARS Part 215 have been overhauled under the RFO.
PGI replacement text is provided in the RFO deviation attachment.
View FAR Part 15
Current Content
As used in this subpart—
“Market prices” means current prices that are established in the course of ordinary trade between buyers and sellers free to bargain and that can be substantiated through competition or from sources independent of the offerors.
“Relevant sales data” means information on sales of the same or similar items that can be used to establish price reasonableness taking into consideration the age, volume, and nature of the transactions (including any related discounts, refunds, rebates, offsets or other adjustments).