reasonable price

  

Definitions (2)

1. Commercial decision reached jointly between a buyer and seller, reflecting a judgment influenced by the economic realities of the marketplace and the relative bargaining powers of the parties. Generally, it is high enough to cover the seller's costs and a reasonable margin, but not high enough for the seller to realize monopolistic profit.
2. Price that provides the best total value comprising of availability, delivery time, fitness for purpose, payment terms, quality, quantity, and service. A reasonable price is not necessarily the lowest price.

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