Regulations for Cultural and Arts Procurements Article 10

Organizations undertaking procurement related to culture and the arts making their selection based on the most advantageous tender shall, in principle, not set a price floor or a fixed price.Where organizations engaging in procurement related to culture and the arts set a price floor, they shall take into account the scale, nature, professional, regulations, contract and considering the costs and market price. They shall also collect and compile information about successful tenders by government organizations and from associations of related industries. This compilation shall then be approved by the head of the organization or individual so authorized.“Price floor” as used in the preceding Paragraph shall not, in principle, be lower than 90 percent of vendor bids that fall within budget. This statute shall not apply in cases where a valuation meeting is held or a review committee is established to put forth a suggested price.