Current through Register Vol. 48, No. 1, January 10, 2025
Section R-24-103-201-02 - Fair and Reasonable Price(a) Small purchases are subject to the requirement that prices paid be fair and reasonable in accordance with section 24-30-202(2), C.R.S.(b) The individual conducting the acquisition on behalf of the state, to include the procurement official or his or her designee as required by these rules, shall use professional judgment to ensure that the state is receiving maximum value. This rule does not preclude the option to place the solicitation on an electronic procurement system.(c) Procurement of services greater than $25,000 must be reviewed by the procurement official or his or her designee to determine if prices or rates are fair and reasonable.(d) If only one bid or proposal is received in response to a solicitation, an award may be made to the single bidder or offeror if the procurement official finds that the price submitted is fair and reasonable and that other prospective bidders or offerors had reasonable opportunity to respond. If the price submitted is not fair and reasonable and there is not adequate time for re-solicitation, the procurement official may enter into competitive negotiation in accordance with rule R- 24-103-208 -02. If responsiveness is a requirement for award, the bid or proposal of the sole prospective bidder or offeror must be responsive before being considered for award. Otherwise, the bid must be rejected.38 CR 15, August 10, 2015, effective 8/31/201541 CR 17, September 10, 2018, effective 10/1/201846 CR 11, June 10, 2023, effective 7/1/2023