This is taken from the Certified Federal Contracts Manager Exam, a test used to certify individuals who handle government acquisitions.
43). Define cost or pricing data (FAR 2.101)
“Cost or pricing data” (10 U.S.C. 2306a(h)(1) and 41 U.S.C. 254b) means all facts that, as of the date of price agreement, or, if applicable, an earlier date agreed upon between the parties that is 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 factual, not judgmental; and are verifiable.
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