Which of the following statements about fair and reasonable pricing is correct?

The statement indicating that pricing must be justifiable based on information from contractors and project risks is accurate because fair and reasonable pricing relies heavily on evidence and data. This includes understanding the costs involved, market conditions, and the specific risks associated with the project. Justifying the price involves analyzing quotes and proposals to ensure they reflect the true value of the work and that they are competitive within the industry standards. It reinforces the importance of transparency and accountability in the pricing process, ensuring that all parties have a legitimate basis for the prices being charged.

In the context of pricing agreements, relying solely on arbitrary price adjustments or finalizing price changes without negotiation would not foster a fair marketplace or encourage contractor collaboration. Hence, the necessity for justifiable pricing is central to creating an equitable environment where both parties feel their interests are adequately represented.