MichaelMcLoughlin

I don't think so. I think you can, and probably should, award a cost-reimbursement contract at the most probable cost. Here's an excerpt from Formation of Government Contracts, Third Edition, by Cibinic & Nash (p. 1107-8):

I Don't understand our convention to award at the proposed price. It makes sense for a CPFF contract to award at the higher price. For CPIF and CPAF it would be more difficult. I suspect it could be done if the RFP had the appropriate enabling language.

As far as I know competitive contract awards are always made at the proposed cost. Is there any legal reason award can not be made at the higher most probable cost.