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7 <br /> ORANGE COUNTY <br /> NOR C-1R0I.I N <br /> and then negotiated for purposes of establishing a contract price. In general, <br /> costs must be necessary and reasonable, allocable to the project, authorized <br /> or not prohibited by Federal law or regulation, and must comply with Federal <br /> cost principles applicable to the recipient. <br /> I. Records <br /> OPT shall maintain records detailing the history of a procurement in a manner <br /> consistent with the size, complexity and cost of the contract. These records <br /> shall, at a minimum, include: <br /> 1. The rationale for the method of procurement; <br /> 2. Selection of the contract type; <br /> 3. Reasons for contractor selection or rejection; and <br /> 4. The basis for the contract price <br /> J. Contract Period <br /> The period of contract performance for rolling stock and replacement parts <br /> shall not exceed five (5) years, inclusive of options, as defined in <br /> FTA C 4220.1F. The length of all other contracts shall be based upon sound <br /> business judgment, including consideration of issues such as the nature of <br /> the item being purchased, the need to afford the contractor a reasonable <br /> opportunity to recapture any start-up costs, the need to afford competing <br /> vendors the opportunity to do business with OPT, and the relative benefit to <br /> OPT of a longer or shorter contract term. <br /> 5 <br />