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FAR 15.406 is the rule that helps people check if their prices are fair when buying big things for the government. It makes sure everyone gets a good deal.
FAR 15.406 is about what happens after price talks in a government contract. It says both sides need to write down what they agreed on and sign it. This is called a "price negotiation memorandum." It helps show the deal is fair and follows the rules. This part of the Federal Acquisition Regulation (FAR) helps with cost proposals, contract pricing, and negotiation in government contracts.
FAR 15.406 explains what happens after the government reviews your price proposal. It says both sides talk and agree on the final price and terms in writing. This helps make sure everyone understands the deal before signing the contract. It's like writing down a plan after agreeing on a fair price for a big job. This rule keeps the process fair and clear in government contracting.
A common mistake with FAR 15.406 is skipping the certificate of current cost or pricing data, especially when it’s required. Some people also forget to document price negotiations clearly, which causes problems during audits. Another issue is assuming oral agreements are enough—FAR 15.406 needs everything in writing. These errors can lead to delays, compliance issues, or failed contracts. Always double-check the rules and keep detailed records to stay on track.
<a href="https://learn.cradle2contract.com/made-simple/far-15-403-cost-realism-analysis">FAR 15.403 – Cost Realism Analysis</a><br>
<a href="https://learn.cradle2contract.com/made-simple/far-15-404-profit">FAR 15.404 – Profit</a><br>
<a href="https://learn.cradle2contract.com/made-simple/far-15-405-price-negotiation">FAR 15.405 – Price Negotiation</a><br>
<a href="https://learn.cradle2contract.com/made-simple/far-15-407-special-cost-considerations">FAR 15.407 – Special Cost Considerations</a><br>
<a href="https://learn.cradle2contract.com/made-simple/far-15-408-solicitation-provisions">FAR 15.408 – Solicitation Provisions</a><br>