Determining Fair and Reasonable LPTA in Schedules, GWACS, MACs, IDIQs Posted Wednesday at 07:47 PM · Report reply 13 minutes ago, Retreadfed said: This discussion has focused on techniques for determining if a price is fair and reasonable. My question is if you cannot define what fair and reasonable is, how do you know that you have it regardless of the techniques you apply? Is this something like Justice Stewart's explanation of pornography in that "I can't define it but I know it when I see it"? You can find a more pertinent example in the oral arguments for Kingdomware Technologies, Inc. v. United States, No. 14-916 (2016) where Chief Justice Roberts says: Quote These terms imply a lot of discretion: What's fair? What's reasonable? What's best value? The idea that that's going to operate as a significant restraint on the requirement that the VA locate veteran businesses seems a real stretch to me.