(a) What is the regulatory definition of “cost or pricing data”? (You should not
ID: 374789 • Letter: #
Question
(a) What is the regulatory definition of “cost or pricing data”? (You should not need more than a single sentence to answer this question; if you are planning on a career in government contracting you should probably memorize this sentence.) (b) What is the name of the statute that requires (under some circumstances) that an offeror or contractor provide the government with certified “cost or pricing data”? [Note: this is a two part question.]
a. Definition: ________________________________________________________
b. Statute: __________________________________________________________
Explanation / Answer
a. Definition: Cost or pricing data means all facts that, as of the date of price agreement or, if applicable, an earlier date agreed upon between the parties that are as close as practicable to the date of agreement on price, prudent buyers and sellers would reasonably expect to affect price negotiations significantly. Cost or pricing data are data requiring certification in accordance with 15.406-2. Cost or pricing data are factual, not judgmental; and are verifiable.
b. Statute: Facts on Truth in Negotiations Act (TINA)
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