FMP (Fair Market Price)
FMP stands for Fair Market Price and is a key process in efficient procurement management. It refers to the price that a buyer would be willing to pay for goods or services when trading in an open market, with both parties being fully aware of the terms of the transaction. FMP is used to provide pricing clarity for buyers and sellers; compare prices between different vendors; and help buyers obtain better value for money by monitoring the market prices on an ongoing basis. By following Fair Market Price standards, businesses can be confident that they are making informed decisions that are beneficial to both themselves and their partners.
