Cost Realism Law and Legal Definition
According to 48 CFR 2.101 (Title 48 - Federal Acquisition Regulations System, Chapter 1 - Federal Acquisition Regulation; Subchapter A – General; Part 2 - Definitions Of Words And Terms; Subpart 2.1 – Definitions), Cost realism means that the costs in an offeror's proposal
(1) Are realistic for the work to be performed;
(2) Reflect a clear understanding of the requirements; and
(3) Are consistent with the various elements of the offeror's technical proposal.
Legal Definition list
Related Legal Terms
- Above the Line Costs (Entertainment Law)
- Absorption Costing
- Accelerated Cost Recovery System
- Acquisition Cost of an Item of Purchased Equipment
- Acquisition Cost of Equipment [Education]
- Activity-Based Costing
- Actuarial Cost Assumptions
- Actuarial Cost Method
- Administrative Cost of Issuing a Loan Guarantee
- Administrative Settlement Costs
