The Federal Acquisition Regulation (FAR) Parts 13 and 15 require Contracting Officers to purchase goods and services from responsible sources at a fair and reasonable price. Meaning, a price that a prudent businessperson would pay for an item or service under competitive market conditions and reasonable knowledge of the marketplace. This is done for every contract action through a number of proposal analysis techniques and procedures defined by regulation, which are documented through written evidence to support that the price is fair and reasonable. This is particularly important, and required, in Government Contracting because we are stewards of taxpayer dollars.