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Fair market price

   Also found in: Acronyms 0.03 sec.
Fair market price
Amount at which an asset would change hands between two parties, that both have knowledge of the relevant facts. Also referred to as market price.


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Officials explained the new rule adds provisions to the Code of Federal Regulations that will allow contracting officers to restrict contract awards to small businesses owned by Service-disabled veterans when there is a reasonable expectation that two or more such small businesses will submit bids at a fair market price.
Cultural affairs supervisor Phil Lantis said the $1,638 rental fee is already reduced from the fair market price of $3,200 the college plans to charge groups not affiliated with Santa Clarita.
 
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